Are the IPL's Internet and Mobile rights holders jinxed, or is it just a bad business to be in? Elephant Capital has decided to exit its investment in Global Cricket Ventures, a company that was the exclusive licensee of the online and mobile rights for the Indian Premier League. The fund plans to sell its 47.06% stake in GVC for GBP 1.934 million (31 August 2010), compared to the GBP 5.949 million it paid for the shares, thus taking a write down of GBP 4.015 million. Global Cricket Ventures had sublicensed rights from World Sports Group, and with the BCCI rescinding its deal with WSG, GCV was affected as a result. The big question, though, is: What does GVC have to sell, if it doesn't have the rights? Global Cricket Ventures' Cup Of Woes MediaNama readers will recall that GVC had acquired these rights when it was formed as a a joint venture between Live Current Media and the still-barely-known NetLinkBlue Holdings. Live Current Media eventually exited the venture, in the process, losing money for its shareholders, and the domain name Cricket.com as well. The Cricket.com domain itself is currently facing a cybersquatting challenge, and GVC's cup of woes runneth over. It doesn't help that Gaurav Burman, MD of Elephant Capital, is the son-in-law of Lalit Modi, the former Chairman of the Indian Premier League. Modi, who founded the IPL is accused of nepotism and corruption by the Board of Control of Cricket in India (BCCI). Do read this great…
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