David Beckham’s partner for Seven Global joint venture close to financial collapse
David Beckham’s joint venture partner is reportedly teetering on financial collapse, which could see the football player gain full control of shared firm Seven Global.
Partner GBG International Holding Company, which owns 51 per cent of the consumer products licensing business, is mulling the decision to appoint Teneo Restructuring as administrator, Sky News’ Mark Kleinman first reported.
Teneo could be appointed in the next few days, Kleinman added, citing sources.
If the company does go under, it will come nearly fur moths after David Beckham Venture Limited, the footballer’s main holding company, mae an offer to acquire GBG’s stake in Seven Global.
GBG’s stake in Seven Global – which was set up to maintain Beckham’s various commercial deals – is reported to be worth around $40m (£29m).
Other firms under GBG’s wing have already filed for bankruptcy protection or have reeled in insolvency practitioners, Kleinman added.
City A.M. has contacted Teneo for comment. GBG International and David Beckham Venture Limited could not be reached for comment.