Coldplay counter-sue former manager for £14million
Months after Coldplay‘s former manager David Holmes sued the band relating to a contractual issue, the group have now counter-sued Holmes.
A new report alleges Holmes took out two loans worth from Live Nation without informing the band, which they are now seeking damages over. Allegedly, Holmes took out a £16.3 million loan in 2015 at an interest rate of 2.72% a year and Coldplay claims he took out a second loan worth £8.1million in 2018 at the same level of interest rate.
Following a relationship spanning over two decades, Holmes was dismissed from his managerial position in 2022.
In their High Court filings, Coldplay say: “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 claim continued: “It is to be inferred that Mr Holmes was only able to acquire loans totalling $30 million at a fixed annual interest rate of 2.72 per cent from Live Nation by virtue of his position as Coldplay’s manager.”
They also claim his debt to Live Nation “potentially or actually [conflicted]” with his managerial duties, which included negotiating a deal with the promoters for Coldplay’s Music Of The Spheres world tour in 2021.
It states Holmes had a “personal interest in maintaining the best possible relations with Live Nation in order to ensure he would have leverage in the event that he required any form of indulgence by reference to the loan terms”.
However, in a statement, Live Nation boasted of their “strong and longstanding relationship with Coldplay”. They noted: “Any past dealings with their management team were considered an extension of this relationship.”
They also claimed Holmes was partly responsible for the “escalated” costs of the tour, which included spending £17.5million on staging equipment which wasn’t suitable.
A lawyer representing Holmes previously said: “Dave Holmes successfully managed Coldplay for more than 22 years, steering them to be one of the most successful bands in music history. Now, as the legal case shows, Coldplay is refusing to honour Dave’s management contract and pay him what he is owed.”
Discussing the new claims, the spokesperson added to The Sunday Times: “Coldplay know they are in trouble with their defence. Accusing Dave Holmes of non-existent 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.”
This case will head to trial if the two parties don’t reach a settlement.
Never Miss A Beat
The Far Out Music Newsletter
All the latest music news from the independent voice of culture.
Straight to your inbox.