Former manager Dave Holmes, who managed the band for 22 years, filed a lawsuit against Coldplay in August “over contractual issues”
O Coldplay replied to his former manager, Dave Holmes, accusing him of allowing tour costs to get out of control and taking out massive loans from production company Live Nation without the band’s knowledge. In August, Holmeswho managed the band for 22 years, sued the group for £10 million (about R$62 million) alleging unpaid commissions and trying to demote him from manager to tour manager.
Last Friday, as pointed out by NME, the band filed a counterclaim in London’s High Court, responding to a lawsuit Holmes originally filed last month. In response, the Coldplay claimed that Holmes owed them £14 million for a variety of mistakes that cost the band millions during the tour in support of their latest album, Music Of The Spheres.
The group claimed that before the tour began, costs “rapidly increased” and Holmes “failed to properly supervise and control the tour budget at all times”, costing the band an extra £17.5 million.
O Coldplay cites as an example a screen that cost around £8 million (R$50.2 million) and that could not be used because it was too large to be transported. The “visual project known as Jet Screen” apparently only used the oversized screen during its visit to Buenos Aires this year.
Additionally, Coldplay said that Holmes used his relationship with the band to secure two large loans from Live Nation: around 20 million dollars in 2015 and 10 million dollars in 2018, both of which had an interest rate of 2.72% per year. The band stated that Holmes used that money “to finance a profitable real estate development venture” in Vancouver.
In a statement, Live Nation claimed to have “a strong and lasting relationship with the Coldplay”. The company added: “Any previous negotiations with its management team were considered an extension of this relationship.”
Source: Rollingstone
Earl Johnson is a music writer at Gossipify, known for his in-depth analysis and unique perspective on the industry. A graduate of USC with a degree in Music, he brings years of experience and passion to his writing. He covers the latest releases and trends, always on the lookout for the next big thing in music.
