Reglikedomain industry desk

Fund Invests $10M in GCV, Owner of Cricket.com — Private Equity

Cricket venture that owns prized domain name gets funding.

Now that Cricket.com and Global Cricket Ventures is completely separated from Live Current Media, it’s getting some fresh life.

Private equity fund Elephant Capital has invested $10 million in Global Cricket Ventures (GCV), taking a 50% stake in the venture, notes VCCircle. GCV plans to raise another $5 million.

GCV has exclusive digital and mobile rights to the Indian Premier League (IPL) and owns the domain name Cricket.com.

Live Current Media set up Global Cricket Ventures and won a 10 year, $50 million deal with the cricket league. But that $50 million deal was Live Current Media paying for the rights, and it was money the firm was never in a position to pay. Following a number of payment concessions, Live Current eventually sold off its rights to the venture and the domain name for $1.75 million counting the assumption of liabilities.

Live Current claimed to have rejected a $6 million offer for the domain name a couple years ago.

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