Live Current Media (LCM) through its joint venture Global Cricket Ventures, has been able to successfully reduce payouts to the Board for Control for Cricket in India by $1.25 million. LCM had won the portal rights for the IPL website IPLT20.com and BCCIs website BCCI.tv.
According to a release, wherein the company also announced that they’ve has reached an agreement to build, manage and monetize the official website of the Champions League Twenty20 for 10 years, GCV also announced that “during the recent IPL franchisee offsite in Bangkok, the venture negotiated a reduction of its minimum revenue guarantee under the BCCI.tv contract by $1.25 million over the remainder of this year and next.”
Some inputs coming in from this article as well, according to which the earlier deal involved a minimum guarantee of $5 million/year for 10 years from LCM to the BCCI. Revenue up to a level of $5 million each year would go to LCM, and subsequent revenue would be split between LCM and the BCCI. LCM also owns Cricket.com, and revenues from that were to be entirely for them. Read the article for inputs on the story of how the BCCI deal was struck.
At the same time, not all is hunky-dory for LCM: given the financial situation, the company intends to raise $6-10 million over the next 90 days from the sale of six of their domain names – Brazil.com, Vietnam.com, Indonesia.com, Malaysia.com, GreatBritain.com and even Communicate.com (which was LCM’s name earlier).