‘Deal will assist David crack the US correctly’: Beckham scores once more as he agrees to promote half his business for £200m
David Beckham is about for an enormous windfall after promoting greater than half of his business for round £200 million to an American branding firm.
The Mail on Sunday can reveal that the previous footballer has completed a deal to promote 55 per cent of his firm DB Ventures to Authentic Brands Group – the organisation that owns vogue model Juicy Couture and US ladies’s buying chain Forever 21.
The New York-based agency additionally works with basketball legend Shaquille O’Neal, who’s a hero of Beckham. Sources shut to the star say the deal has been completed to repay debt, take away a variety of present business companions and unencumber some capital for the corporate.
Score withdraw: Former footballer David Beckham (pictured) has bought 55% of his firm DB Ventures to Authentic Brands Group – the organisation that owns vogue model Juicy Couture
The London-based business boasts Beckham’s endorsement offers with Tudor watches, his Haig whisky model and most not too long ago his controversial transfer to be the face of this 12 months’s Qatar World Cup.
The agency, which is run by Beckham and his greatest pal, former soccer agent David Gardner, additionally launched their very own tv manufacturing agency three years in the past.
While a few of the cash can be paid out to others, Beckham is anticipated to scoop up to tens of hundreds of thousands. Together with spouse Victoria, he’s thought to be price £360 million.
In 2019, accounts revealed that DB Ventures’ annual revenue halved to £11.5 million, from £23.2 million the 12 months earlier than.
Beckham’s choice to go into business with Authentic Brands Group may assist increase his fame within the US.
It may additionally increase the popularity of his soccer crew, Inter Miami, which he launched in March 2020.
One supply instructed The Mail on Sunday: ‘The determine of £200 million is unexpectedly excessive for his firm, he has had a end result right here.
‘While the cash is an enormous deal for David, so is cracking America correctly. There are lots of people there who do not actually know who he’s. Having these individuals proudly owning his business, he hopes, will change that. That ought to have a knock- on impact on his soccer membership.’
Beckham, 46, confronted criticism after the MoS revealed his £10 million deal to be the face of the Qatar World Cup.
A spokesman for Beckham declined to remark.
Authentic Brands hit the headlines a 12 months in the past when it emerged as a contender to purchase Topshop after its proprietor, Sir Philip Green’s Arcadia Group, collapsed. Topshop was finally purchased by on-line large Asos in February.