David Beckham and Mark Wahlberg's Fitness Company F45 Reach Agreement and Dissolve Lawsuit

Beckham's DB Ventures Limited will remain an investor in F45 Training

David Beckham and F45 Training fitness company, co-owned by Mark Wahlberg, have settled their breach-of-contract lawsuit, the company said Thursday, June 6.

In a press release shared with PEOPLE, F45 Training said they have "reached an agreement resolving a prior lawsuit brought by DB Ventures Limited, which concerned an ambassadorial agreement for David Beckham."

Beckham's company will remain an investor in F45 Training, according to the release.

According to court documents obtained by PEOPLE when the lawsuit was filed in Oct. 2022, Beckham was suing F45 for a total of $18.8 million alleging breach of contract over a promotional deal the English athlete entered with the fitness company in 2020.

The suit claimed that Beckham did not receive owed compensation for a partnership with F45. Beckham's lawyers alleged that the company benefitted from their relationship with Beckham by enhancing their reputation, according to the documents. The soccer star claimed he was owed $14.3 million in damages and argued he was entitled to $4.5 million for declaratory relief under his contract.

Prior to Thursday's agreement, the case was set to go to trial on January 25, 2025.

Related: Inside David Beckham's $18.8 Million 2022 Lawsuit Against Mark Wahlberg's Fitness Company F45

On Thursday, Executive Vice Chairman of Authentic Brands Group Dan Dienst said DB Ventures Limited is "pleased to have settled this issue and to retain our investment in F45, and wish the team all the best for the future," in a statement shared in the release.

CEO of F45 Training Tom Dowd said, “For a long time, F45 has been — and continues to be — a supporter of Beckham, as he has been for our brand, and are pleased to have reached a mutual business decision to resolve the matter."

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Dowd said F45 remains "committed to supporting the growth of our global franchisees" and pointed to the training company's "recent strong year-over-year same-store sales growth in April."

Related: Mark Wahlberg Posts Shirtless Video Promoting his Company amid David Beckham Lawsuit

The company's CEO added, "We are excited about our future and the continued growth of our world-class fitness brands that generated robust total system-wide sales for April of $48.9 million," in Thursday's press release.

Wahlberg bought a 36% stake in F45 Training in 2019.

PEOPLE has reached out to Beckham and Wahlberg for comment.

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