Coldplay is countersuing their former manager, Dave Holmes, for allegedly letting tour costs rise out of control. Holmes is suing Coldplay for unpaid commissions, but Coldplay claims that he owes them over £14 million (about $17 million) in damages.
In a counterclaim filed in the London High Court on Friday, Coldplay alleges that Holmes failed to adequately supervise and control the tour budget, which resulted in extra costs of over £17.5 million (about $21 million). They also claim that Holmes took out two loans from Live Nation without their knowledge, totaling $30 million (about £24 million).
Coldplay's countersuit comes after Holmes sued the band in September for unpaid commissions. Holmes claims that Coldplay owes him over £1 million (about $1.2 million) in commissions on their recent world tour.
Holmes has denied Coldplay's allegations and said that he is owed over £1 million (about $1.2 million) in unpaid commissions. He also said that he was not responsible for the rising tour costs and that he had tried to warn Coldplay about them.
The case is still ongoing, and it is unclear who will prevail. However, Coldplay's countersuit shows that they are serious about their allegations against Holmes.
The legal battle between Coldplay and Holmes is a reminder of the importance of having a clear and transparent contract in place when working with a manager. It is also important for artists to be vigilant about their finances and to keep track of their spending.
If you are an artist, it is important to have a good understanding of the music industry and to be aware of the potential risks involved in working with a manager. It is also important to get everything in writing, including the terms of your contract and the manager's fees.