Coldplay. Photo by Frank Schwichtenberg/Wikimedia Commons
Coldplay are now in a multi-million dollar legal battle against their former manager, U.K. publication The Times reports. Last August, David Holmes, who managed the band for 22 years, sued Coldplay for £10 million in unpaid commission. The group is now issuing a counter-lawsuit for £14 million in damages.
The British band alleges that Holmes did not properly manage the touring budget and allowed their own touring costs to escalate exponentially, which included a £7.9 million ($9.7 million) video screen that was too big to be brought on tour as well as 16 bespoke stage pylons totaling £9 million ($11 million).
They also claim that Holmes used his relationship with them to get £24.6 million (or $30 million) in loans from 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," they wrote in court documents obtained by The Times. “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% from Live Nation by virtue of his position as Coldplay’s manager.”
"Coldplay know they are in trouble with their defense," a spokesperson for Holmes told The Times. “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 honor it and they need to pay Dave what they owe him.”
The FADER has reached out to Coldplay's representatives for comment.