Coldplay are locked in a legal battle with their former manager, with both parties filing competing claims in the high court seeking millions of pounds from the other.
Dave Holmes, who managed Coldplay from 2005 to 2022, sued the group in August for £10m “unpaid commission” he claims he is owed. He says the money relates to two not-yet-released albums that he claims he worked on with the group.
But in a new countersuit, the band rejected Holmes’ claim and are seeking £14m in damages as they say their former manager allowed tour costs to snowball, while also alleging that he used his relationship with the group to secure loans totalling $30m (£24.6m) from concert promoters Live Nation.
“To the best of [our] knowledge … Mr Holmes used monies obtained by the loan agreements to fund a property development venture in or around Vancouver, Canada,” the band alleged in court papers seen by the Times.
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“It is to be inferred, that Mr Holmes was only able to acquire loans totalling $30m at a fixed annual interest rate of 2.72 percent from Live Nation by virtue of his position as Coldplay’s manager,” the claim continued.
The court documents also allege Holmes failed to adequately supervise and control the tour budget.
Expensive equipment was ordered or bought that was not fit for purpose, the papers allege, including a $9.7m video screen that was so big it could not be brought on tour as well as 16 bespoke stage pylons that cost €10.6m (£9m) and were found to be unusable.
Asked about the counterclaim, a spokesperson for Holmes told the Times: “Coldplay know they are in trouble with their defence.
“Accusing Dave Holmes of nonexistent ethical lapses and other made-up misconduct will not deflect from the real issue at hand – Coldplay had a contract with Dave, they are refusing to honour it and they need to pay Dave what they owe him.”
The case could go to court if the parties do not settle. - The Guardian
