It was inevitable. NASDAQ listed Live Current Media's costly experiment with running a digital business centred around Cricket in India has ended now, with the company selling the prized Cricket.com domain, and assigning its Indian Premier League (IPL) contract to Global Cricket Ventures (GVC) for $1.75 million plus related expenses. Importantly for the company, LCM has exited all liabilities related to its Cricket business - past, present and future - with the transaction. GCV Mauritius will hire LCM President Mark Melville and cover severence costs related to layoffs of employees associated with the Cricket business. LCM was believed to have rejected a $6 million offer for Cricket.com in early 2008. What is not clear in the release, is whether LCM still retains its stake in Global Cricket Ventures, to which the IPL Portal rights had been transferred earlier this year (contract). We've contacted LCM for a clarification. As per LCMs 10-K filing with the US SEC earlier this year, the company owned 50.5% stake in Global Cricket Ventures. Details of The Deal The $1.75 million plus severence payout is as follows: -- $1 million in cash to be paid quarterly in equal installments with the first payment of $250,000 to be paid within two days of closing -- The assumption by GCV Mauritius of a liability totaling $750,000 related to past obligations to the BCCI -- The assumption by GCV Mauritius of salary and employment expenses related to the Live Current employees associated with cricket.com. These expenses include salary obligations…
