Live Current Sells Cricket.com
Friday, August 28th, 2009
Live Current Media ends a sad saga.
Live Current Media (OTC: LIVC.ob) has sold its Cricket.com domain name and assigned its Indian Premier League contract for a total consideration of approximately $1.75 million. About $1M of that will be paid in cash over four quarters, and the remainder is the assumption of liabilities and payment of severance to a key Live Current employee that will be hired by the purchaser, GCV Mauritius.
Last year Live Current Media claimed to reject a previous $6M offer for the Cricket.com domain name. But a lot has changed since then. For one, Live Current entered into a 10 year, $50M agreement with DLF Indian Premier League. Not only did the company not have the money to pay for the agreement, but he company knew nothing about the sport. It showed in its execution. The company bet itself on cricket and lost the bet.
Assuming this deal relieves Live Current of any future obligations under its cricket agreements, this will help the company get somewhat of a fresh start.
Live Current also announced the sale of 2 domain names for $1.6M. One of these domains was previously sold for $1.25M but the buyer backed out. Live Current retained $355,000 that had already been received under the $1.25M agreement. The most recent known sale of a Live Current domain name was Brazil.com at $500,000.
In other news, Live Current restructured its payments for its purchase of Auctomatic, a company that has absolutely nothing to do with Live Current’s business. The Auctomatic acquisition is another example of the company’s poor execution.
Related posts:
- Live Current Weaseling out of Cricket Deals
- Live Current (Communicate.com) Signs $50 Million Cricket Deal
- Cricket.com Takes Shape; Live Current Announces New Deal
Tags: livc.ob, live current media
Live Current Sells Cricket.com – http://tinyurl.com/lqrxyx
[...] http://domainnamewire.com/2009/08/28/live-current-sells-cricket-com/ [...]
[...] [...]
I have followed the Cricket.com story with interest over the last year or so. Cricket is huge in large parts of the world. However, even those of us who originate from the UK are often baffled by the game. How a company who admittedly knew nothing about cricket could have hoped to make a success of Cricket.com is beyond me.
One of the best portfolios getting wasted it seems
Kevin – indeed. That’s what makes it so sad.
very cheap sale when compared to commercial value of the cricket
[...] in future revenue, which makes the $1.1 million sale a good bet. Live Current also recently sold Cricket.com for a cool $1.75 million. Last year, Live Current experienced some financial difficulties and was [...]
[...] in future revenue, which makes the $1.1 million sale a good bet. Live Current also recently sold Cricket.com for a cool $1.75 million. Last year, Live Current experienced some financial difficulties and was [...]
wow that’s not a good sale actually
[...] company has sold seven domain names this year through August for $3.4 million, not including the Cricket.com domain name. These sales do not count as revenue and are not part of the income statement, so the [...]