Beckhams pay £38m for full control of brand business
David and Victoria Beckham have reportedly paid $50m (£38m) to take full control of the former footballer’s brand business from long-time business partner Simon Fuller.
The Beckhams bought Fuller’s 33 per cent stake in the business, which was held by Fuller’s media company, XIX Entertainment group, the Financial Times reported.
Under the terms of the deal, the showbiz couple will have 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.
Beckham building brand
Beckham, who officially retired from playing professional football six years ago has steadily built up his brand since, partnering with big brands such as L’Oreal and Adidas, the FT reported.
Fuller is best known as the creator of the popular 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.
The FT noted that 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.
Earlier this week David Beckham was banned from driving for six months in the UK after he was caught using his mobile phone whilst behind the wheel of his luxury Bentley car in London’s West End.