‘Deal will help David crack the US properly’: Beckham scores again as he agrees to sell half his business for £200m
David Beckham is set for a huge windfall after selling more than half of his business for around £200 million to an American branding company.
The Mail on Sunday can reveal that the former footballer has done a deal to sell 55 per cent of his company DB Ventures to Authentic Brands Group – the organisation that owns fashion brand Juicy Couture and US women’s shopping chain Forever 21.
The New York-based firm also works with basketball legend Shaquille O’Neal, who is a hero of Beckham. Sources close to the star say the deal has been done to pay off debt, remove a number of current business partners and free up some capital for the company.
Score withdraw: Former footballer David Beckham (pictured) has sold 55% of his company DB Ventures to Authentic Brands Group – the organisation that owns fashion brand Juicy Couture
The London-based business boasts Beckham’s endorsement deals with Tudor watches, his Haig whisky brand and most recently his controversial move to be the face of this year’s Qatar World Cup.
The firm, which is run by Beckham and his best friend, former football agent David Gardner, also launched their own television production firm three years ago.
While some of the money will be paid out to others, Beckham is expected to scoop up to tens of millions. Together with wife Victoria, he is thought to be worth £360 million.
In 2019, accounts revealed that DB Ventures’ annual profit halved to £11.5 million, from £23.2 million the year before.
Beckham’s decision to go into business with Authentic Brands Group could help boost his fame in the US.
It could also boost the reputation of his football team, Inter Miami, which he launched in March 2020.
One source told The Mail on Sunday: ‘The figure of £200 million is unexpectedly high for his company, he has had a result here.
‘While the money is a big deal for David, so is cracking America properly. There are a lot of people there who don’t really know who he is. Having these people owning his business, he hopes, will change that. That should have a knock- on effect on his football club.’
Beckham, 46, faced criticism after the MoS revealed his £10 million deal to be the face of the Qatar World Cup.
A spokesman for Beckham declined to comment.
Authentic Brands hit the headlines a year ago when it emerged as a contender to buy Topshop after its owner, Sir Philip Green’s Arcadia Group, collapsed. Topshop was eventually bought by online giant Asos in February.