David Beckham pays $50m for full control of brand business
David and Victoria Beckham have paid $50m (£38m) to take full control of the ex-footballer’s brand business from long-time business partner Simon Fuller.
The Beckhams have bought Fuller’s 33% stake in the business, which was held by Fuller’s XIX Entertainment group, the Financial Times reported.
The deal gives the couple full ownership of Beckham Brand Holdings, which manages his partnerships and many endorsement deals. Beckham and Fuller had an agreement that the former Manchester United and England midfielder could take full control whenever he wanted.
Fuller is best known as the force behind the American Idol US TV show. He also managed the Spice Girls, Victoria Beckham’s former group, as they rose to the peak of their fame in the 1990s. XIX has kept its stake in Victoria Beckham’s fashion business.
Beckham’s company made a pre-tax profit of £15.7m in 2017, its last reported results, paying out £18.8m to its shareholders. New projects, including a stake in new US soccer club Inter Miami FC, lie behind Beckham’s decision to buy Fuller’s stake, the FT said.