In the ongoing legal saga, rock band Coldplay has launched a £14 million lawsuit against their former manager, Dave Holmes.
This development comes just weeks after Holmes initiated legal proceedings against the group, alleging “unpaid commission.”
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Coldplay’s lawsuit asserts that Holmes had a significant conflict of interest while negotiating terms for a Coldplay tour scheduled for 2021. The band alleges that Holmes allowed tour costs to skyrocket, exacerbating the already tense situation.
Holmes, who had previously managed the band, initiated his own £10 million lawsuit against Coldplay members Chris Martin, Jonny Buckland, Guy Berryman, and Will Champion back in August.
His claim revolves around unpaid compensation for organizing recording sessions and samples for Coldplay’s yet-to-be-released 10th and 11th albums.
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Holmes was dismissed from his managerial role last year, further adding to the legal complications.
According to court documents obtained by The Times, Coldplay contends that Holmes secured a substantial $30 million (£24.6 million) in loans 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 said in the filing at the High Court in London.
The band claims that, during negotiations for the 2021 tour titled “Music Of The Spheres,” Holmes still owed them $27.5 million, raising concerns of a potential conflict of interest.
“That would potentially or actually conflict with his obligations to secure best possible terms for [Coldplay],” the claim states.
Mr Holmes had a “personal interest” in keeping the best possible relations with Live Nation to ensure he would have leverage if he “required any form of indulgence by reference to the loan terms”, it adds.
Live Nation said it “has a strong and longstanding relationship with Coldplay”, adding: “Any past dealings with their management team were considered an extension of this relationship.”
The band also claims costs “escalated quickly” ahead of their tour, with unsuitable equipment that came at a high price.
