Mark Wahlberg steps in to save troubled fitness empire F45
Mark Wahlberg has stepped up to save the troubled F45 fitness empire with a series of training sessions.
The Hollywood superstar will participate in special promotions such as ‘Mark Wahlberg week’ the daily telegraph reported on Sunday.
In addition to offering personal training, the 51-year-old has also been appointed as the company’s chief brand officer.
“I really love helping inspire people with my commitment to fitness and hearing from the people I’ve inspired,” the star told the newspaper.
‘Since its inception, F45 has distinguished itself by its innovative training. What I know for sure is that innovation will continue to be at the center of what is to come. I am very excited about the future,’ he added.
Mark Wahlberg (left) has stepped up to save the troubled F45 fitness empire with a series of training sessions
It comes after the company dumped mountains of name-brand equipment on Facebook market in February, amid a stock price plunge, board reshuffle, and impending class action lawsuits.
F45 Training shares fell 60 percent last year after he The company laid off 45 percent of its corporate staff as part of a restructuring and announced it would only open 40 percent of the new gyms it promised.
The shares traded for around $16 during their initial public offering, but have not traded above $4 since.
The struggling company announced that three high-profile Australian tech gurus – chief travel executive Vanessa Douglas, Canstar technical director Angelo Demasi and sports teacher Lee Wallace – had resigned from the board.
The Hollywood superstar will take part in special promotions such as ‘Mark Wahlberg week’, The Daily Telegraph reported on Sunday.
Australian co-founder Adam Gilchrist, not the former Australian cricketer, and Hollywood actor and investor Mark Wahlberg had retained their positions.
In the days after the board bloodbath, mountains of name-brand gym equipment were put up for sale on the Facebook marketplace.
The equipment in question is sold in gyms in Brisbane, which were owned by the Wider Fitness Group.
‘Big clearance sale! Commercial grade gym equipment for your studio or home workout space,” read one of the 21 ads.
The mountain of equipment for sale includes dumbbells, kettlebells and medicine balls, which are priced at $2 per kilo.
It comes after the company dumped mountains of branded gear on Facebook’s marketplace in February, amid a stock price plunge, board shakeup and impending class action.
Wahlberg (pictured with David and Candace Warner) was the second largest shareholder in F45, but managed to sell 1.1 million of his F45 shares last year.
Pull-up bars, foam rollers, ski machines, spin bikes, battle ropes, and bands range from $10 to $1200 each.
Along with fitness equipment, the group also sells foam mats, storage bins, fans, shelves, and coolers.
Discounts are offered to anyone who can buy in bulk.
F45 did not reply when contacted by Daily Mail Australia.
According to the company’s official statement in February, board members resigned after the company closed an A$130 million subordinated credit facility with a US-based private equity fund, and the three Australian board members were replaced by Americans.
Subordinated debt is a type of loan that guarantees that all corporate debts are paid before shareholders in the event of a company collapse.
Spin bikes with F45 beads were among the items for sale in fitness equipment ads on Facebook Marketplace
Gilchrist had teamed up with Rob Deutsch to create F45 out of the Rollex gym in Sydney’s White City, which Mr Deutsch established in 2012 with a $100,000 severance check from his previous life as a stock sales trader.
The pair rebranded Rollex as F45 and established the franchise model for the gyms that became a giant of the fitness business on its upward trajectory.
Gilchrist, who was CEO until abruptly resigning in July 2022, enjoyed a lavish lifestyle when the F45 became an international success.
He rubbed shoulders with celebrities and made $500 million overnight when actor Mark Wahlberg invested $450 million in F45.
Mountains of dumbbells start at $3 a kilo, while kettlebells start at $2 a kilo
The franchisee sells medicine balls and a variety of other gym equipment, according to Facebook ads.
The gym went public on the New York Stock Exchange in July of last year in a $1.6 billion stock debut that sent the share price soaring to $17.28.
Mark Wahlberg recruited David Beckham in 2021 as a global ambassador for $5 million, with a similar amount ($7.2 million) in a cash payment owed to the soccer star in July last year, on the one-year anniversary. of the issuance of shares.
Basketball legend Magic Johnson received a $4 million cash payment, golfer Greg Norman was another sports celebrity recruit, and supermodel Cindy Crawford received $5 million in stock.
Now, rather than expand, F45 plans to cut staff and lower profit and revenue forecasts for the 2022-2023 fiscal year.
Mr. Gilchrist took over as director of F45 in March 2020, when Rob Deutsch was leaving the company. he was in the position of just over two years before he resigned from the company in August.
Pictured is F45 co-founder Rob Deutsch and Mark Wahlberg at one of the gym’s franchises.
Deutsch said he was devastated to hear what had happened since he left the F45.
“Never in my wildest dreams could I have imagined this,” Deutsch wrote on Instagram.
‘When I went out and sold F45, I left a healthy, phenomenal, beastly business, from the company culture to the heartbeat of the business…the training.
‘F45 was special. I truly hope that all 110 laid off employees find happiness and opportunity elsewhere.”