David Beckham 'to sell' control of DB Ventures to ABG
Victoria Beckham’s fashion business may still be loss-making but the Beckhams remain a power couple when it comes to generating cash. And they could soon be set for a big cash inflow with reports that David Beckham is selling a 55% stake in his management business to acquisition-hungry Authentic Brands Group (ABG).
ABG was recently valued at almost $13 billion after a new investment deal and will soon complete its $2 billion+ Reebok buy. It also owns Juicy Couture and Forever 21, among many other properties. It’s reportedly set to pay up to £200 million for its controlling stake in DB Ventures, The Mail and The Times both reported.
DB Ventures handles Beckham’s post-football-career activities, including his endorsements with big names such as Adidas and the Tudor watch brand.
The company is currently majority owned by David and Victoria Beckham. It paid a dividend of £14.5 million in the last year for which accounts have been filed (2019). The dividend was £11.1 million in 2018 so the company is clearly a lucrative venture for the couple. The latest Sunday Time Rich List said they’re worth £380 million.
The news reports said DB Ventures has been looking for a partner to pay off debt and generate capital to drive further growth. It was previously linked with Simon Fuller’s XIX Entertainment but David Beckham reportedly paid $50 million to buy its stake back in 2019.
The £200 million purchase price for the stake will be divided between the Beckhams and other stakeholders. They haven’t commented on the sales reports and its unclear how much of the proceeds will be invested back into the business.
Copyright © 2023 FashionNetwork.com All rights reserved.