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Global Cricket Ventures Raises $10M From Elephant Capital

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…

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