Title: Coldplay Fires Back at Former Manager with Damages Claim Totaling Millions
In a surprising turn of events, British rock band Coldplay has retaliated against their former manager, Dave Holmes, by filing a counter-claim in the London High Court. This comes after Holmes sued the band for $12 million, citing unpaid commission and an alleged breach of contract for their next two albums.
According to Coldplay, Holmes owes them ยฃ14 million (approximately $17 million) in damages for costly mistakes made during their last tour. The band asserts that Holmes failed to adequately supervise and control the budget, leading to escalating expenses that ultimately harmed their financial standing.
One of the key issues highlighted by Coldplay is the purchase of allegedly unsuitable equipment, including bespoke stage pylons worth $11 million and a visual project called Jet Screen costing $9.7 million. Such excessive expenditures put an unnecessary strain on the band’s finances, claims Coldplay.
Adding fuel to the fire, Coldplay further alleges that Holmes used his position within the band to secure two substantial loans from Live Nation. The loans, amounting to $20 million and $10 million in 2015 and 2018 respectively, were purportedly diverted towards a lucrative property development project in Vancouver.
This raises concerns that Holmes’ financial obligations to Live Nation clashed with his duties to maintain a positive working relationship with the concert promotion giant, according to Coldplay.
While Coldplay has refrained from commenting on the matter thus far, Holmes’ spokesperson insists that the band needs to honor their contractual obligations and pay what is owed.
Live Nation, which has a longstanding relationship with Coldplay, has clarified that any past dealings with the band’s management team were seen as an extension of their existing partnership. This suggests that the loans provided to Holmes were not seen as a conflict of interest by Live Nation.
As this legal battle between Coldplay and Dave Holmes unfolds, it remains to be seen how the court will arbitrate in this complex dispute. The Liberty Conservative will continue to closely follow this story and report any further developments.
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