Cricket venture that owns prized domain name gets funding.
Now that Cricket.com and Global Cricket Ventures is completely separated from Live Current Media, it’s getting some new life.
Private equity fund Elephant Capital has invested $10 million in Global Cricket Ventures (GCV), taking a 50% stake in the venture, reports VCCircle. GCV plans to raise another $5 million.
GCV has exclusive digital and mobile rights to the Indian Premier League (IPL) and owns the domain name Cricket.com.
Live Current Media set up Global Cricket Ventures and won a 10 year, $50 million deal with the cricket league. But that $50 million deal was Live Current Media paying for the rights, and it was money the company was never in a position to pay. After several payment concessions, Live Current eventually sold off its rights to the venture and the domain name for $1.75 million including the assumption of liabilities.
Live Current claimed to have rejected a $6 million offer for the domain name a couple years ago.