IBTimes UK

David Beckham stepped in to rescue his wife, Victoria Beckham to save her from big loss incurred by her fashion label. The former England captain reportedly paid £5.2m to cover up the deficit amount of £3.8m, which the label was hit due to opening of the brand's luxury store in London.

According to a report in The Sun, the former Spice Girl spent £2,854,091 for setting up an extravagant store in Mayfair, central London, and signed a ten-year lease on the three-storey outlet with an annual rent of £650,000 in 2014. Despite the turnover of £34m, the brand incurred losses due to the high setting-up cost.

The 40-year-old footballer's payment was described as "discontinued operations" in accounts. Chartered accountant and tax lecturer Robert Leach told website: "The accounts suggest it is a transfer of operations between companies owned by Victoria and David. In effect the couple are simply moving the profits between themselves."

The Director's Report said: "As part of the corporate restructuring planned last year, the company is now focused purely on the Victoria Beckham fashion business and the Victoria Beckham brand.

"As such, the contracts held by the company relating to the David Beckham brand were transferred during the year to DB Ventures Ltd, a sister company of David Beckham Brand Holdings Ltd which is focused on exploiting the David Beckham brand."

The 41-year-old former model and singer launched her fashion label in 2008 and won designer brand of the year at British Fashion Awards in 2011. Victoria was also applauded for her business acumen, and was named Entrepreneur of the Year 2014 by Management Today magazine for creating "a company that is both real and wildly successful."

IBTimes UK