Coldplay have settled their differences with their former manager, Dave Holmes, by agreeing a substantial financial settlement.
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It’s been two years since the award-winning musicians and Holmes parted ways, ending a professional partnership that spanned more than twenty years.
You are watching: Coldplay reach multimillion-dollar settlement in High Court battle with former manager: ‘They just want to move on’
Holmes has taken legal action against the British band and is seeking a massive $12.7 million in damages related to withheld commissions related to Coldplay’s upcoming tenth and eleventh albums.
Since joining the band in 2001, Holmes has been present at most of their professional successes.
In response to the lawsuit, lead singer Chris Martin and the band members filed a countersuit seeking a whopping $17.8 million in damages, citing the manager’s financial mismanagement of their upcoming Music of the Spheres tour.
The band, comprising Martin, Jonny Buckland, Guy Berryman and Will Champion, raised concerns about overspending of $22.3 million, prompting Martin’s close friend Phil Harvey to take over as interim manager.
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According to The Sun, legal documents from London’s High Court revealed that the “Yellow” singers reached a seven-figure confidential settlement to prevent sensitive information from being publicly disclosed.
According to a source told the Daily Mail, “[Martin] and the band are glad they drew the line but it came at a cost.”
They continued to say, “This settlement is costing them millions of dollars. They just want to move on.”
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The “Fix You” hitmakers have alleged that Holmes took out two loans totaling around $30 million from promoters Live Nation, suggesting the loans may have affected his ability to negotiate with the company on behalf of the band.
In addition to other rising costs, a large amount of money was wasted on purchasing equipment that ended up being unsuitable.
Among those expenses was the purchase of 16 custom-designed stage lighting and video poles, costing $10.6 million, that ultimately proved unusable.
A project called the Jet Screen, funded at $9.6 million, is expected to be a visual spectacle.
When filing a countersuit in October 2023, Holmes’ representative stated, “Coldplay knows they are in trouble with their defense.”
“Accusing Dave Holmes of non-existent ethics violations and other fabricated wrongdoing will not deflect from the real issue at hand: Coldplay had a contract with Dave, they refused to honor the contract, and they need to pay Dave what they owe him,” the representative added.
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