David Beckham pays Victoria’s manager Simon Fuller £38m to buy him out of joint business
DAVID Beckham has paid wife Victoria’s manager Simon Fuller £38million to buy him out of their joint business.
Fuller held a minority stake in the 44-year-old star’s brand company, but the former footballer now has full ownership.
The manager’s XIX Entertainment group had held a 33 per cent stake in Beckham Brand Holdings since the company was founded in 2014, but The Financial Times report that he accepted David’s payment to forgo his percentage.
The business manages partnerships and brands, and includes stakes in Seven Global, David Beckham Ventures, and Inter Miami FC – a football club that is set to start playing in America’s major league next year.
The latter is said to be one of the new projects behind David’s decision to take full control of his business.
Since retiring from football six years ago, David has turned his personal brand into an empire by partnering with huge companies such as L’Oreal and Adidas.
The father-of-four previously admitted that he called time on his 20-year sports career because he wanted to start “owning and building businesses”.
Beckham Brand Holdings is reported to have earned £15.7million pre-tax profit in 2017.
Although the amount was actually a 20 per cent decrease from the year before, the company paid its shareholders £18.8million compared with £10.2million the previous year.
As well as being business partners, Simon was David’s manager until early 2018, and he remains Victoria’s manager as well as a shareholder in her successful fashion brand.
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Fuller first came to prominence in the early ’90s when he managed the Spice Girls – the girl group that catapulted Victoria to superstardom.
He also discovered late singing sensation Amy Winehouse.
In addition, the businessman has had a huge impact on the TV circuit as the brains behind hit singing competition Pop Idol, which went on to spawn hugely-successful American Idol in the US.
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