Despite Live Current Media's earlier misgivings about diluting its share capital in its joint venture with Dubai-based NetlinkBlue Holdings - Global Cricket Ventures (GCV) - the company has entered into an agreement with VC fund Elephant Capital that will result in Elephant Capital owning a whopping 50% equity in GCV. LCM had 50.5% stake but had to give 6% to the broker for the joint venture; all voting rights associated with the shares are still with LCM; NetlinkBlue has the rest. The Mauritius based GCV was set up in June, 2008 and owns the domain Cricket.com, which it acquired from LCM for $1.75 million. It also runs the two official sites Iplt20.com and Clt20.com. GCV owns some digital and mobile rights for the Indian Premier League (IPL) and Champions League Twenty20. It is now raising $10 million from Elephant Capital via Tusk Investments Fund 1. (From VCCircle.) GCV plans to raise another $5 million in its next round of funding (Series-B) and hopes to weaken Elephant's grip on it by buying back shares. Elephant Capital is listed on the London stock exchange (AIM) and was previously named Promethean India plc. It has invested in Nokia-owned m-commerce firm Obopay and NIIT Ltd, which it exited in June, 2009. LCM's Recovers Financial Ground After suffering seven quarters of losses and significant funding issues last year, Live Current Media restructured its businesses with GCV, raised $2 million for the payout of the Indian Premiere League and to pull up its other Perfume.com business into…
