Coldplay have settled their lawsuit with ex-manager Dave Holmes (Picture: AP)
After a lengthy legal battle, Coldplay have settled their dispute with ex-manager Dave Holmes and paid out a seven-figure sum.
The Glastonbury headliners parted ways with Holmes two years ago, having worked together for over 20 years.
Holmes then sued the group for £10million over reportedly unpaid commission for Coldplay’s tenth and eleventh albums, which have not been released yet.
Frontman Chris Martin and the band then countersued for £14milllion, claiming the manager lost control over the budgeting for their Music of the Spheres tour.
Coldplay — consisting of Martin, Jonny Buckland, Guy Berryman, Will Champion — claimed Holmes had overspent by £17.5million and Martin’s best friend Phil Harvey has stepped in to manage the band temporarily.
Documents filed at London’s High Court, obtained by The Sun, reveal the Fix You hitmakers agreed to an undisclosed seven-figure settlement to stop details from becoming public.
Holmes managed the band for over 20 years (Credits: Anna Lee)
The group claims he mismanaged budgets for their tour (Picture: Anthony Harvey/Shutterstock)
‘Chris and the band are happy they’ve drawn a line in the sand but it has come at a price,’ a source added to the DailyMail.
‘The settlement cost them millions. They just want to move on.’
In the messy dispute, the Yellow stars allege Holmes took out two loans totalling around $30million (£25million) from promoters Live Nation.
They argued this potentially affected his ability to negotiate with the company on their behalf.
Other reportedly ballooning expenses included millions of pounds wasted on equipment that was not suitable including ‘16 bespoke stage pylons’ for lighting and video which cost $10.6 million (£8.69million) but could not be used.
A $9.6 million (£7.97million) ‘visual project’ called the Jet Screen was also paid for but was said to be too big and was only used for 10 concerts in Argentina.
Coldplay just headlined Glastonbury (Picture: Joe Maher/Getty Images)
In October when the countersue was filed, a spokesman for Holmes said: ‘Coldplay knows they’re in trouble with their defence.
‘Accusing Dave Holmes of non-existent 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’.
Holmes started out with the group in 2001, meaning he’s been there throughout most of their career.
They are now managed by Harvey, Mandi Frost, and Arlene Moon, who have also worked with both Coldplay and Holmes for many years.
Metro.co.uk has reached out to Coldplay and Holmes’ reps for comment.
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