Coldplay’s former manager Dave Holmes has sued the band for £10 million in “unpaid commissions”. According to court documents obtained by The Irish Times, the band launched a £14 million countersuit for failing to manage their tour budget.
Coldplay has responded to the lawsuit filed by the ex-manager and accuses him of mismanagement of tour expenses.
IMAGO/Gonzales Photo
Coldplay has responded to the lawsuit filed by the ex-manager and accuses him of mismanagement of tour expenses.
According to court documents obtained by The Irish Times on Monday (9Oct23), Coldplay’s former manager Dave Holmes took the band to court in August, claiming £10 million in “unpaid commissions” on two albums. not yet released.
The musicians rejected his claim and took the manager to court seeking £14 million in damages, alleging he let the costs of the tour skyrocket and used his relationship with Coldplay to obtain loans from the Live Nation promoter totaling £24.6 million.
“To our knowledge… Mr. Holmes used the money obtained from the loan agreements to finance a real estate development project in or around Vancouver, Canada,” Coldplay claimed in the documents. It must be inferred that Mr. Holmes was only able to acquire loans totaling $30 million at a fixed annual interest rate of 2.72 percent from Live Nation by virtue of his position as manager of Coldplay. »
Dave Holmes managed the band from 2005 to 2022, during which time he reportedly failed to manage the touring budget. Legal documents recall that the manager purchased expensive equipment which was not fit for purpose, including a £7.9million video screen too large to take on tour and 16 pylons which cost £9million pounds sterling and proved unusable.
“Coldplay knows they have problems with their defense,” a spokesperson for Dave Holmes responded to their counter-action in a press release. Accusing Dave Holmes of non-existent ethical lapses and other made-up misconduct will not distract from the real problem: Coldplay had a contract with Dave, they refuse to honor it, and they must pay Dave what they owe him.”
The band consists of singer Chris Martin, guitarist Jonny Buckland, bassist Guy Berryman and drummer Will Champion.
Covermedia
2023-10-10 12:05:07
#Coldplay #shaken #story #big #money
