AssetID: 53115749
Headline: UNCAPTIONED: Coldplay countersue ex-manager for ballooning tour costs
Caption: Coldplay countersue ex-manager for ballooning tour costs. According to court documents obtained by The Irish Times on Monday, former Coldplay manager Dave Holmes, sued the band in August for £10 million ($12.25 million) in "unpaid commission" from two not-yet-released albums. A new countersuit from the band has rejected Holmes' claim and sued the manager for £14 million ($17.15 million) in damages alleging that Holmes allowed tour costs to snowball and used his relationship with Coldplay to secure loans from promoter Live Nation totalling £24.6 million ($30 million). ”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.” "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 percent from Live Nation by virtue of his position as Coldplay's manager.” Holmes managed the band from 2005 to 2022, during which time he reportedly failed to supervise the touring budget. The legal documents recalled the manager purchasing expensive equipment which was not fit for purpose, including a £7.9 million ($9.7 million) video screen too big to bring on tour and 16 bespoke pylons which cost £9 million ($11 million) and were found to be unusable. “A spokesperson for Holmes responded to the countersuit in a statement: ”Coldplay know they are in trouble with their defence. 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 honour it and they need to pay Dave what they owe him.” THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Coldplay,Court,Documents,Ex-manager,Sued,Ballooning,Tour,Costs,Band,Relationship,Chris Martin,Former,The Irish Times,Dave Holmes
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