Coldplay Back Former Manager Dave Holmes Over 17 Million US Dollars

Coldplay (Instagram @coldplay)

Coldplay sued back their former manager, Dave Holmes, less than two months after he sued Chris Martin et al over a contract dispute.

According to The Times, Coldplay claims Holmes owes more than $17 million in damages and alleges that he took two loans from Live Nation they don't know about.

Coldplay claims that Holmes borrowed 20 million US dollars from promoters in 2015 with an interest rate of 2.72 percent per year before allegedly taking a second loan of 10 million US dollars three years later with the same interest rate.

"As far as [we] know... Mr. Holmes used money obtained from loan agreements to fund property development efforts in or around Vancouver, Canada," the band said in their filing at the High Court in London.

Coldplay added that they believed this Vancouver deal was "profitful".

It can be concluded, continued the claim, that Mr Holmes was only able to obtain a loan of 30 million US dollars with an annual fixed interest rate of 2.72 percent of Live Nation based on his position as Coldplay manager.

The filing further states that Holmes, who owes USD 27.1 million to Live Nation, will "potential or actually [contrary]" with his obligation to secure the best relationship with promoters when he negotiates with Coldplay on the 2021 'Music Of The Spheres' world tour. Coldplay 2021.

He added that Holmes had a personal interest in maintaining the best relationship with Live Nation to ensure he would have an influence if he needed all forms of leniency in connection with loan requirements.

Live Nation said in a statement that they "have a strong and long-term relationship with Coldplay".

"Every transaction in the past with their management team is considered an extension of this relationship," said Live Nation.