Global Cricket Ventures Limited

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Investment date: Nov 09
Type of investment: primary
Sector: Online media and sports

In November 2009, Elephant Capital announced an investment of GBP 5.95 million in GCV, a cricket-focused digital media and broadcasting company. At the time of Elephant Capital's investment, GCV was the exclusive licensee of key internet and mobile rights to the Indian Premier League (IPL) and key internet rights to the Champion's League Twenty20 (CLT20) cricket tournaments.

GCV sublicensed its rights to the IPL from World Sports Group (WSG). In March 2010, GCV received notice from WSG that its licenses in respect of the IPL had been terminated, and in subsequent weeks, an investigation was launched by the Board of Control for Cricket in India (BCCI) and certain Government agencies into all aspects of the IPL. As a result in June 2010, the BCCI announced that it would be rescinding agreements with WSG covering the global media rights to the IPL. GCV's licenses were amongst those affected by this action.

As a result, Elephant Capital has decided to dispose of its investment in GCV and discussions are underway to exit its entire shareholding.