Coldplay will reportedly pay a seven-figure sum to their former manager after he sued the band for £10 million

But Coldplay, led by frontman Chris Martin, 47, countersued for £14 million, claiming Dave had lost control of budgeting for their 'Music of the Spheres' tour and overspent by £17.5 million.

Papers filed at the High Court in London said Coldplay agreed an undisclosed seven-figure settlement to prevent private details being made public in court.

A source told The Sun about the alleged payout deal: "Chris and the band are happy they've drawn a line in the sand but it has come at a price. The settlement cost them millions. They just want to move on."

Dave had accused the band of making up stories about mistakes and "ethical lapses" on his part, and told Mail Online he felt the band knew they were in "trouble" after they countersued him for £14 million.

A spokesman for the former manager said in October: "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."

Coldplay's lawyers alleged "had Mr Holmes exercised reasonable care and skill in the performance of his obligations", the band would never have had to have incurred costs of at least £17.5 million.

Examples given included buying 16 "bespoke stage pylons" for lighting and video costing around £10 million that then became too expensive to use.

Coldplay also said Dave used his position as their manager to land £24 million in loans at preferable rates from concert giant Live Nation.

Dave managed the band for more than 22 years before the group dismissed him in 2022, despite having agreed to extend his contract to aid with their tenth and eleventh albums, according to his legal filing.

Coldplay said Dave's management agreement expired at the end of 2022, at which point they "decided not to start a new one".