Coldplay has agreed to pay a seven-figure sum to their former manager after he sued the band for $10 million. The group parted ways with Dave Holmes in 2022 after working together for more than twenty years, which sparked a lengthy legal battle.
Last year, Holmes claimed he was owed a significant amount in unpaid commissions for Coldplay’s tenth and eleventh albums, both of which have yet to be released. In response, the band, led by 47-year-old Chris Martin, filed a countersuit for $14 million, arguing that Holmes lost control of the budget for their ‘Music of the Spheres’ tour and overspent by $18 million.
Documents submitted to the High Court in London revealed that Coldplay reached an undisclosed seven-figure settlement to prevent private details from becoming public in court. A source close to the case stated, “Chris and the band are happy to have drawn a line in the sand, but it came at a cost. The settlement has cost them millions. They just want to move on.”
Holmes accused the band members of fabricating stories about mistakes and "ethical breaches" on his part. He told Mail Online that he felt they knew they were in trouble after he countersued for $14 million. A spokesperson for the former manager mentioned in October, “Coldplay knows they have issues with their defense. Accusing Dave Holmes of non-existent ethical breaches and other fabricated issues will not distract from the real matter: Coldplay had a contract with Dave, they refuse to honor it, and they must pay what they owe him.”
The band’s attorneys argued that had Holmes exercised reasonable care and skill in fulfilling his duties, he would not have incurred at least $18 million in expenses. Among the points raised was the purchase of 16 custom stage pylons for lighting and video, which cost around $10 million and turned out to be too expensive to use.
Coldplay also claimed that Holmes used his managerial position to secure $24 million in loans at favorable rates from concert giant, Live Nation. Holmes managed the band for over 22 years before they dismissed him in 2022, despite agreeing to extend his contract to assist in promoting their upcoming albums, according to legal filings. Coldplay stated that Holmes’ management agreement ended in late 2022, at which point they "decided not to sign a new one."
For more information about Coldplay’s ongoing journeys and updates on their legal matters, visit their official website. Coldplay Official
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