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                                                                   EXHIBIT 10.17





                             DATED 25 FEBRUARY 2000




                        (1) CNBC SPORTS INTERNATIONAL LIMITED



                        (2) FOCUSED MEDIA LIMITED



                        (3) GLOBAL GOLF LIMITED



                        (4) BEVERLY HILLS, LTD.



                        (5) CYCAD FINANCIAL HOLDINGS LIMITED



                        (6) LUNA TRADING LIMITED



                           --------------------------

                              SETTLEMENT AGREEMENT

                           --------------------------







                               Denton Wilde Sapte
                               Five Chancery Lane
                                 Clifford's Inn
                                 London EC4A 1BU

                               Tel: 020 7242 1212


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THIS AGREEMENT is made the 25th day of February, 2000

BY, BETWEEN AND AMONG:

(1)   CNBC SPORTS INTERNATIONAL LIMITED, a private limited company organised and
      existing under the laws of the United Kingdom, having offices at 56
      Ennismore Gardens, Knightsbridge, London SW7 1AJ ("CNBC SPORTS");

(2)   FOCUSED MEDIA LIMITED, a private limited company organised and existing
      under the laws of the Republic of Ireland, having its head office at Unit
      27, Templemore Business Park, Northland Road, Derry, Northern Ireland
      BT480LD ("FOCUSED MEDIA");

(3)   GLOBAL GOLF LIMITED, a private limited company organised and existing
      under the laws of Northern Ireland, having its offices at Unit 27,
      Templemore Business Park, Northland Road, Derry, Northern Ireland BT480LD
      ("GLOBAL GOLF");

(4)   BEVERLY HILLS, LTD., a Utah corporation having its offices at 16 N. Fort
      Harrison Ave., Clearwater, Florida 33755 USA ("BHL");

(5)   CYCAD FINANCIAL HOLDINGS LIMITED, a public company organised and existing
      under the laws of the Republic of South Africa, having an office at 85
      Kerry Road, Parkview 2193, PO Box 72455, Parkview 2122, Republic of South
      Africa ("CYCAD"); and

(6)   LUNA TRADING LIMITED, a private limited company registered in Jersey,
      Channel Islands, whose address is Lord Coutanche House, 66-68 Esplanade,
      St Helier, Jersey, Channel Islands ("LUNA").



WHEREAS:

I.    The parties have heretofore entered into various agreements and
      understandings relating to the ownership of the share capital of Focused
      Media and their joint development and promotion of an Internet-based
      business under the name "Global Golf", including in particular but not
      necessarily limited to:

(A)   An agreement dated 6 May 1999 among CNBC Sports, Focused Media and BHL
      for inter alia the purchase of airtime on certain television channels, as
      amended by a letter agreement dated 31 August 1999 (collectively "THE
      AIRTIME AGREEMENT");

(B)   A Subscription and Shareholders' Agreement dated 6 May 1999 among CNBC
      Sports, BHL and Focused Media under which inter alia Focused Media was
      to issue to CNBC Sports shares representing twenty (20) per cent of the
      issued share capital of Focused Media ("THE CNBC SUBSCRIPTION
      AGREEMENT");

(C)   An option agreement dated 12 July 1999 between Luna and BHL under which
      inter alia Luna was granted an option to acquire thirty (30) per cent of
      the issued share capital of Focused Media from BHL ("THE LUNA OPTION
      AGREEMENT"); and

(D)   A Subscription and Shareholders' Agreement dated 30 September 1999 among
      CNBC Sports, Focused Media, BHL, Cycad and Luna, pursuant to which
      Cycad was to be issued with ten (10) per cent of the issued share capital
      of Focused Media upon and subject to the terms and conditions contained
      therein, as amended by a "Side Letter" agreement among the same parties



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      dated 1 October 1999 and a Modification Agreement among the same parties
      dated 26 October 1999 (collectively, "THE CYCAD SUBSCRIPTION AGREEMENT").

and

II.   Certain unfortunate disagreements have arisen as the result of which the
      parties mutually desire to terminate the aforesaid agreements, upon all of
      the terms and conditions set forth in this Agreement.



NOW THEREFORE, in consideration of premises, the mutual agreements contained
herein and other good and valuable consideration the receipt and legal
sufficiency of which is hereby acknowledged by each of the parties, THE PARTIES
HEREBY AGREE as follows:


1.    DEFINITIONS

      Unless expressly stated otherwise herein, the following expressions shall
      have the following meanings in this Agreement:


      "AFFILIATE": means any person controlling, controlled by or under common
      control with a specified person. For the purposes of this definition,
      "control" means the power of a person to direct or cause the direction of
      the management or policies of any other person, or the ownership directly
      or indirectly of more than fifty (50) per cent of the equity or capital of
      or the voting power in any other person but, for the avoidance of any
      doubt, National Broadcasting Company, Inc. and General Electric Company
      are not and shall not be treated as Affiliates of CNBC Sports;

      "AGREED FORM": means the following wording in its entirety without any
      amendment or deletion:

            "CNBC Sports is currently assisting with the marketing of the
            globalgolf.com web site";

      "ASSOCIATED INDIVIDUAL" means, with respect to any party to this
      Agreement, any natural person who is, or who was at any time pertinent to
      any of the Relevant Agreements (as that term is defined below), associated
      with that party as a shareholder, officer, director, employee, agent or
      attorney.

      "BHL PARTIES": shall mean BHL, Focused Media, Global Golf and each and
      every Affiliate of BHL, Focused Media or Global Golf;

      "CNBC ACCOUNT": shall mean the following bank account of CNBC Sports:

            Account No: 01/06378536
            Sort Code:  60-30-03
            Address:    National Westminster Bank plc, Dean Street Branch,
                        20 Dean Street, London W1A 1SX.

      "CNBC PARTIES": shall mean CNBC Sports, Cycad, Luna and each and every
      Affiliate of Cycad, Luna or CNBC Sports;




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3.    RELEASES; DISMISSAL OF LAWSUIT

3.1   Except for any obligations expressly preserved in or created by this
      Agreement, each of the BHL Parties hereby irrevocably waives,
      unconditionally releases and forever discharges each of the CNBC Parties,
      each of their Affiliates, and all of their respective Associated
      Individuals (herein, collectively, "Releasees") of and from any and all
      manner of suits, debts, demands, claims, causes of action, liabilities or
      obligations, of whatsoever kind or nature, whether in law or equity, which
      any of the BHL Parties may now have, may heretofore have had, or might
      otherwise have hereafter had or claimed against the said Releasees, or any
      of them, from the beginning of time to the date of this Agreement,
      including but not limited to any and all claims arising out of or in
      connection with or relating to any of the Relevant Agreements or the
      matters which are the subject of the Lawsuit.

3.2   Except for any obligations expressly preserved in or created by this
      Agreement, each of the CNBC Parties hereby irrevocably waives,
      unconditionally releases and forever discharges each of the BHL Parties,
      each of their Affiliates, and all of their respective Associated
      Individuals (herein, collectively, "Releases") of and from any and all
      manner of suits, debts, demands, claims, causes of action, liabilities or
      obligations, of whatsoever kind or nature, whether in law or equity, which
      any of the CNBC Parties may now have, may heretofore have had, or might
      otherwise have hereafter had or claimed against the said Releasees, or any
      of them, from the beginning of time to the date of this Agreement,
      including but not limited to any and all claims arising out of or in
      connection with or relating to any of the Relevant Agreements or the
      matters which are the subject of the Lawsuit.

3.3   Each of the BHL Parties hereby undertakes to procure that none of the BHL
      Parties shall at an time hereafter commence, bring, pursue, make or
      continue to make or pursue against any of the CNBC Parties or any of their
      Associated Individuals any claim, action, suit or proceedings of any
      description whatsoever which arises out of or is in any way connected with
      any of the Relevant Agreements or any act or omission by any of the CNBC
      Parties or any of their Associated Individuals prior to the date of this
      Agreement. Provided, however, that nothing contained herein is intended or
      shall be construed or operate so as to prohibit or prevent any of the BHL
      Parties from commencing and pursuing any claim, action, suit or
      proceedings to construe and enforce, by way of an action for damages,
      injunctive relief or otherwise, this Agreement or any of its provisions.

3.4   Each of the CNBC Parties hereby undertakes to procure that none of the
      CNBC Parties shall at any time hereafter commence, bring, pursue, make or
      continue to make or pursue against any of the BHL Parties or any of
      their Associated Individuals any claim, action, suit or proceedings of any
      description whatsoever which arises out of or is in any way connected with
      any of the Relevant Agreements or any act or omission by any of the BHL
      Parties or any of their Associated Individuals prior to the date of this
      Agreement provided, however, that nothing contained herein is intended or
      shall be construed or operate so as to prohibit or prevent any of the CNBC
      Parties from commencing and pursuing any claim, action, suit or
      proceedings to construe and enforce, by way of an action for damages,
      injunctive relief or otherwise, this Agreement or any of its provisions

3.5   Each of the CNBC Parties and each of the BHL Parties hereby irrevocably
      agrees that each of the Relevant Agreements is, with effect from the
      Relevant Date, hereby terminated in its entirety so that, with the effect
      from the Relevant Date, none of the CNBC Parties or the BHL Parties will



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      have any further rights or obligations under or arising out of any of the
      Relevant Agreements. Without prejudice to the generality of the foregoing,

      (a)   CNBC Sports represents to the BHL Parties that CNBC Sports has,
            prior to the date of this Agreement, provided to Focused Media
            television airtime promoting Global Golf and/or the globalgolf.com
            Internet web site (constituting Non-US Inventory, as defined in the
            Airtime Agreement) as detailed in Schedule 3 hereto attached.

      (b)   The BHL Parties acknowledge that the Non-US Inventory provided to
            Focused Media, as per Schedule 3 hereto attached, was of a value of
            US $700,000, and that CNBC shall have no obligation to provide any
            additional amount or unit of the Non-US Inventory to or for any of
            the BHL Parties.

      (c)   CNBC Sports acknowledges that it has heretofore received payment of
            US $300,000 from BHL; will upon its receipt of the Payment (and its
            acceptance of same, if received after the Payment Receipt Deadline)
            have received a total of US $700,000; and will neither be entitled
            nor claim entitlement to any further payments from BHL or any of
            the other BHL Parties.

3.6   Upon CNBC Sports' receipt of the Payment (and its acceptance of same, if
      received after the Payment Receipt Deadline), the Lawsuit shall forthwith
      be dismissed with prejudice and without any attorney's fees or costs being
      awarded to or paid by either the plaintiff or any of the defendants named
      in said Lawsuit. For such purpose, CNBC Sports and BHL shall, and BHL
      shall procure that the individual defendants named shall, promptly enter
      into a joint stipulation to that effect, and the same shall be submitted
      to the Court with a proposed order to the same effect

3.7   Each of the BHL Parties undertakes, covenants, represents and warrants to
      and for the intended benefit of each of the CNBC Parties that it shall not
      at any time solicit, incite or encourage any person to bring or make, or
      assist or participate in the making or bringing of, any claim, action,
      suit or proceedings of any description whatsoever which arises out of or
      is in any way connected with (a) any of the Relevant Agreements or (b) any
      act or omission by any of the CNBC Parties or any of their Associated
      Individuals prior to the date of this Agreement which related to or
      otherwise involved any of the BHL Parties.

3.8   Each of the CNBC Parties undertakes, covenants, represents and warrants to
      and for the intended benefit of each of the BHL Parties that it shall not
      at any time solicit, incite or encourage any person to bring or make, or
      assist or participate in the making or bringing of, any claim, action,
      suit or proceedings of any description whatsoever which arises out of or
      is in any way connected with (a) any of the Relevant Agreements or (b) any
      act or omission by any of the BHL Parties or any of their Associated
      Individuals prior to the date of this Agreement which related to or
      otherwise involved any of the CNBC Parties.

4.    MARKETING

4.1   Subject to Clauses 2.2, 2.3 and 4.2, CNBC Sports hereby grants to Focused
      Media and to BHL a non-exclusive licence, for a period of one hundred and
      twenty (120) days commencing upon the Relevant Date (the "License
      Period"), and without any obligation on the part of any of the BHL
      Parties to make any payment to CNBC Sports therefor, to:



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         (a)      display the Logo on the globalgolf.com web site, provided that
                  the size, positioning and prominence of such display has been
                  approved in writing by CNBC Sports (such approval not to be
                  unreasonably withheld or delayed) and provided further that no
                  textual matter may be added in proximity to such display of
                  the Logo;

         (b)      use the Logo, for identification purposes only, in print
                  media, provided that any such use of the Logo has been
                  submitted to and approved by CNBC Sports in writing prior to
                  such use (such approval not to be unreasonably withheld or
                  delayed) and provided further that any such use of the Logo
                  shall be discreet and not identify CNBC Sports as a
                  shareholder in any of the BHL Parties (unless CNBC Sports
                  shall agree to become a shareholder and in fact becomes a
                  shareholder during the License Period);

         (c)      refer to CNBC Sports as a provider of marketing assistance to
                  Focused Media in the Agreed Form in press releases and other
                  printed materials issued by BHL or Focused Media (but not in
                  any form other than the Agreed Form), provided, however, that
                  if any such press release or other printed material includes
                  any other content which, whether independently or when read in
                  context with the statement in the Agreed Form, refers to CNBC
                  Sports, whether directly or indirectly, and whether expressly
                  or impliedly, then such press release or other printed
                  material shall first have been submitted to and approved by
                  CNBC Sports in writing prior to this issue (such approval not
                  to be unreasonably withheld or delayed). In no event shall any
                  such reference to CNBC Sports suggest any association between
                  CNBC Sports and any goods or service provided, marketed or
                  sold by any of the BHL Parties other than the globalgolf.com
                  website.

4.2      Each and every use of the Logo in accordance with Clause 4.1 shall in
         any event comply with all written guidelines to which CNBC Sports is
         subject in relation to use of the Logo or any part thereof. Within
         three (3) business days after the Relevant Date, CNBC Sports shall
         provide to BHL a copy of such guidelines as currently in effect. CNBC
         Sports shall also provide to BHL copies of any modifications to such
         guidelines which may be made during the License Period, promptly upon
         their becoming effective.

4.3      Upon the expiry of the License Period, the Logo shall, in the absence
         of any further written agreement by CNBC Sports to the contrary, be
         immediately removed from the web site referred to in Clause 4.1(a)
         above, and no further reference may be made to CNBC Sports by any of
         the BHL Parties in any medium or media, press release or other
         communication whatsoever circulated or intended for circulation,
         whether directly or indirectly, to the public.

5.       COMPETITION

5.1      Subject only to Clause 5.3 below, it is irrevocably agreed by each of
         the BHL Parties that, after the Relevant Date, each of the CNBC Parties
         and their Affiliates (whether now existing or hereafter coming into
         being) may and is freely entitled to engage in any activity or line of
         business whatsoever, and to compete in any lawful manner with any of
         the BHL Parties in any activity or line of business whatsoever, without
         interference or adverse claim by any of the BHL Parties.

5.2      It is irrevocably agreed by each of the CNBC Parties that, after the
         Relevant Date, each of the BHL Parties and their Affiliates (whether
         now existing or hereafter coming into being) may and is freely entitled
         to engage in any activity or line of business whatsoever, and to
         compete in any

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         lawful manner with any of the CNBC Parties, in any activity or line of
         business whatsoever, without interference or adverse claim by any of
         the CNBC Parties.

5.3      Each of the CNBC Parties undertakes, covenants, represents and warrants
         to and for the intended benefit of each of the BHL Parties that it
         shall not:

         (a)      from and after the signature of this Agreement and for a
                  period of six (6) months from the Relevant Date, (i) enter
                  into any agreement or business relationship with any of the
                  companies listed in Schedule 1(a), (ii) engage in any
                  communications with any of said companies, or with any person
                  on behalf of any of them, for the purpose of negotiating or
                  entering into any agreement or business relationship, or (iii)
                  enter into any agreement or business relationship or engage in
                  any communications with any person or company known by any of
                  the CNBC Parties to be an Affiliate of any of the companies
                  listed in Schedule 1(a) with the purpose of circumventing the
                  provisions of this Clause 5.3(a);

         (b)      from and after the signature of this Agreement and for a
                  period of sixty (60) days from the Relevant Date, (i) enter
                  into any agreement or business relationship with any of the
                  companies listed in Schedule 1(b), (ii) engage in any
                  communications with any of said companies, or with any person
                  on behalf of any of them, for the purpose of negotiating or
                  entering into any business agreement or relationship, or (iii)
                  enter into any agreement or business relationship or engage in
                  any communications with any person or company known by any of
                  the CNBC Parties to be an Affiliate of any of the companies
                  listed in Schedule 1(b) with the purpose of circumventing the
                  provisions of this Clause 5.3(b); or

         (c)      for a period of three (3) months from the Relevant Date,
                  whether directly or indirectly through any Affiliate or other
                  entity, build, own or operate any system for the reservation
                  of tee-times by golfers on the Internet.

5.4      Each of the CNBC Parties further undertakes, covenants, represents and
         warrants to and for the intended benefit of each of the BHL Parties
         that neither it nor any of its Affiliates shall, at any time from and
         after the signature of this Agreement:

         (a)      have or claim to have any right, title or interest, whether
                  legal or beneficial, in the names "Global Golf" (when those
                  words are used in combination with each other) or
                  "GlobalGolf", or in the URL "globalgolf.com", whether or not
                  the said names or URL are registered or otherwise protected
                  under the laws of any jurisdiction;

         (b)      use or claim any right or license to use either of the names
                  or the URL mentioned in Clause 5.4(a), whether or not the said
                  names or URL are registered or otherwise protected under the
                  laws of any jurisdiction; or

         (c)      adopt, in connection with any golfing-related web site on the
                  Internet, any other business name, trade name or URL which
                  utilises or incorporates the word "global", whether separately
                  or as an integral part of a compound word (such as, by way of
                  example only, "theglobalgolfer"), whether or not any such
                  names or URLs are registered or otherwise protected under
                  the laws of any jurisdiction.

5.5      Each of the CNBC Parties further undertakes, covenants, represents and
         warrants to and for the intended benefit of each of the BHL Parties
         that neither it nor any of its Affiliates shall without the prior
         written consent of BHL, at any time during the period of twelve (12)
         months following the signature of this Agreement, use, create or build
         any brand name which (a) utilises or incorporates the word "global",
         whether separately or as an integral part of a compound word


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         (such as, by way of example only, "theglobalgolfer"), in connection
         with any golfing-related business or enterprise (whether or not
         Internet-related) and (b) is owned by any of the CNBC Parties or their
         Affiliates in whole or in part. It is understood that the undertakings,
         covenants, representations and warranties contained in Clause 5.4 shall
         continue in full force and effect notwithstanding the expiry of those
         contained in this Clause 5.5.

5.6      Each of the CNBC Parties acknowledges that the undertakings, covenants,
         representations and warranties made by them in Clauses 5.3, 5.4 and 5.5
         are reasonable in scope and duration, and are appropriate and necessary
         for the protection of the interests of the BHL Parties, in the light
         of (a) the past and ongoing discussions and negotiations which were
         initiated by one or more of the BHL Parties with the companies listed
         in Schedules 1(a) and 1(b); (b)the relationship which was established
         between the BHL Parties and the CNBC Parties pursuant to the Relevant
         Agreements (c) the information which has been provided by the BHL
         Parties to the CNBC Parties, concerning the listed companies and the
         potential benefits of establishing business relationships with them, in
         reliance upon the Relevant Agreements; (d) the prospective termination
         of the Relevant Agreements pursuant to this Agreement, and (e) the
         establishment, use and promotion of the names and URL mentioned in
         Clause 5.4(a) by one or more of the BHL Parties long prior to the
         signature of any of the Relevant Agreements.

5.7      Each of the CNBC Parties further acknowledges that in the event of any
         breach or threatened breach of any of the undertakings, covenants,
         representations and warranties made by them in Clauses 5.3, 5.4 and
         5.5, one or more of the BHL Parties will be subjected to the imminent
         risk of irreparable harm, and that the damages sustained as a result
         may be difficult or impossible to quantify. Accordingly, in the event
         of any such breach or threatened breach, any of the BHL Parties
         aggrieved thereby shall be entitled to immediate injunctive relief, in
         addition to any other remedies available to them at law or in equity.

6.       SHARE CAPITAL AND ASSETS OF FOCUSED MEDIA AND GLOBALGOLF

6.1      From and after the signature of this Agreement, and notwithstanding any
         prior agreements and understandings (including but not limited to any
         provisions contained in the Relevant Agreements), none of the CNBC
         Parties shall either have or claim to have any legal or equitable
         right, title or interest in, or entitlement,

         (a)      to any shares of Focused Media or Global Golf, whether
                  presently issued or unissued;

         (b)      to any of the following existing assets of Focused Media or
                  Global Golf, to wit:

                  (i)      any funds presently on deposit in any account in the
                           name of Focused Media or Global Golf in any bank in
                           the Republic of Ireland or Northern Ireland;

                  (ii)     any furniture, furnishings, computer equipment,
                           computer storage media and other tangible personal
                           property which is presently owned by Focused Media or
                           Global Golf and located in the Republic of Ireland or
                           Northern Ireland;

                  (iii)    the company registers and any and all business
                           records and papers of Focused Media or Global Golf
                           located in the Republic of Ireland or Northern
                           Ireland;


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                  (iv)     any rights of Focused Media or Global Golf under any
                           leases of real property or office space, and any
                           leasehold improvements, located in the Republic of
                           Ireland or Northern Ireland;

                  (v)      any rights of Focused Media or Global Golf under any
                           leases of equipment which is located in the Republic
                           of Ireland or Northern Ireland and used in connection
                           with the business of either company;

                  (vi)     any accounts receivable for products sold or services
                           provided by Focused Media or Global Golf in the
                           Republic of Ireland or Northern Ireland, or through
                           the globalgolf.com web site;

                  (vii)    any rights under any employment contracts (whether
                           written or oral) between Focused Media or Global Golf
                           and any of their employees who presently reside in
                           the Republic of Ireland or Northern Ireland;

                  (viii)   any and all computer programs, software and related
                           materials (including but not limited to all source
                           code, object code, executable files, data, storage
                           media, and printouts) which are presently owned by
                           Focused Media or Global Golf and located in the
                           Republic of Ireland or Northern Ireland, or which
                           have heretofore been developed by Focused Media or
                           Global Golf in the course of their operations in the
                           Republic of Ireland or Northern Ireland for use or
                           potential use in connection with the development,
                           operation and maintenance of the globalgolf.com web
                           site, and any and all copyrights, trademarks and
                           other intellectual property rights with regard
                           thereto which are presently owned by Focused Media or
                           Global Golf (whether or not the same are registered
                           in any jurisdiction);

                  (ix)     any and all rights to the name "Global Golf" and the
                           URL "globalgolf.com", whether or not the said names
                           or URL are registered or otherwise protected under
                           the laws of any jurisdiction; and

                  (x)      any rights pursuant to any contracts for telephone
                           service, utilities services and Internet service
                           presently being furnished to Focused Media or Global
                           Golf in the Republic of Ireland or Northern Ireland.

         (c)      Any property, contract rights and other assets, of any kind or
                  description, which are lawfully acquired by Focused Media or
                  Global Golf at any time after the date of this Agreement and
                  are so acquired utilising monies provided by any of the CNBC
                  Parties prior to the date of this Agreement.

7.       EXCHANGE OF LETTERS

7.1      Upon the Relevant Date, BHL will deliver to Denton Wilde Sapte
         (attention: Nicholas West) by telefax (020 7320 6693) a letter in form
         and content the same as Schedule 4 attached.

7.2      Upon the Relevant Date, CNBC Sports will deliver to David R. Schachter
         by telefax (001 914 923 9760) a letter in the form attached as
         Schedule 5.

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7.3      Upon the Relevant Date, CNBC Sports will also deliver to David R.
         Schachter by telefax (001 914 923 9760) a letter in the form attached
         as Schedule 6.

7.4      Within 120 days after the date of this Agreement BHL shall deliver to
         CNBC Sports a certified copy of duly passed resolutions of the boards
         of directors of Focused Media and Global Golf ratifying the execution
         of this Agreement by the signatories to this Agreement on behalf of
         Focused Media and Global Golf.

8.       RELATIONSHIPS WITH OTHER PARTIES

8.1      CNBC Sports represents to the BHL Parties that neither the CNBC Parties
         nor any of their Affiliates, nor any of their respective Associated
         Individuals, has heretofore entered into any contract with, or incurred
         any financial or other obligation to, Robert Trent-Jones, Anderson
         Consulting, Twelve Stars Communications Limited, or Sportal
         International Limited, or any other party, for which any of the BHL
         Parties are or may be liable or responsible. CNBC Sports hereby agrees
         to hold harmless and indemnify the BHL Parties in respect of any debt,
         claim, cause of action or liability asserted against them or any of
         them contrary to the foregoing representation, and in respect of any
         cost or expense (including attorney's fees) which may be incurred by
         the BHL Parties or any of them as the result of the assertion of any
         such debt, claim, cause of action or liability.

8.2      Without limiting the generality of Clause 8.1, CNBC Sports represents
         to the BHL Parties that neither it nor any of its Affiliates, nor any
         of their respective Associated Individuals, has heretofore entered into
         any contract of employment, whether written or oral, with Timothy
         Wright, on behalf of any of the BHL Parties. CNBC Sports hereby agrees
         to hold harmless and indemnify the BHL Parties in respect of any debt,
         claim, cause of action or liability asserted against them or any of
         them contrary to the foregoing representation, and in respect of any
         cost or expense (including attorney's fees) which may incurred by the
         BHL Parties or any of them as the result of the assertion of any such
         debt, claim, cause of action or liability.

8.3      BHL represents to the CNBC Parties that neither the BHL Parties nor any
         of their Affiliates, nor any of their respective Associated
         Individuals, has heretofore entered into any contract with, or incurred
         any financial or other obligation to, Robert Trent-Jones, Anderson
         Consulting, Twelve Stars Communications Limited, or Sportal
         International Limited, or any other party, for which any of the CNBC
         Parties are or may be liable or responsible. BHL hereby agrees to hold
         harmless and indemnify the CNBC Parties in respect of any debt, claim,
         cause of action or liability asserted against them or any of them
         contrary to the foregoing representation, and in respect of any cost or
         expense (including attorney's fees) which may incurred by the CNBC
         Parties or any of them as the result of the assertion of any such debt,
         claim, cause of action or liability.

8.4      Provided that the representation made by CNBC Sports in Clause 8.1 is
         true and correct, each of the BHL Parties acknowledges that, as of the
         signature of this Agreement, it has no contractual relationship with
         Robert Trent-Jones, Anderson Consulting, Twelve Star Communications
         Limited or Sportal International Limited (herein, "Third Parties").
         Except as expressly stated in Clause 8.5 below, each of the BHL
         Parties hereby irrevocably waives and disclaims any and all right,
         title and interest in and to any existing or future work performed by
         any of said Third Parties for or on behalf of CNBC Sports; provided,
         however, that nothing contained in this clause shall preclude any of
         the BHL Parties from entering into any contract or business
         relationship with any of said Third Parties at any time after the
         signature of this Agreement.


                                      -11-

<PAGE>   11




8.5      Reference is made to that certain spiral-bound booklet containing an
         evaluation of globalgolf.com, as prepared by Anderson Consulting and
         provided to the parties at their meeting on 2 December 1999. Each of
         the parties to this Agreement shall be entitled to utilise the
         information and concepts contained therein. Such use shall not give
         rise to any claim by any other party, so long as such use is not in
         violation of any of the express provisions of this Agreement.

8.6      Each of the BHL Parties hereby irrevocably waives and disclaims any and
         all right, title and interest in and to the logo design depicted in
         Schedule 7, which was heretofore commissioned by CNBC Sports from
         Twelve Stars Communications Limited, and hereby irrevocably
         acknowledges and agrees that any of the CNBC Parties or their licensees
         may use such design in their absolute discretion, so long as the word
         "global" (whether separately or as part of any compound word) is not
         used in or in conjunction with such design.

8.7      CNBC Sports hereby acknowledges and confirms that it heretofore entered
         into a contractual arrangement with Sam Torrance on behalf of or for
         the benefit of Focused Media, which expired on December 31, 1999 but
         pursuant to which there are or may be sums of money due remaining due
         and owing to Sam Torrance. CNBC Sports hereby agrees to hold harmless
         and indemnify the BHL Parties against any and all claims, actions and
         proceedings (and all associated liabilities, costs and expenses,
         including attorney's fees) made or brought by Sam Torrance arising out
         of or in connection with said contractual arrangement.

9.       VIDEOTAPES

9.1      Within thirty (30) days after the Relevant Date and payment to CNBC
         Sports of the editing costs referred to in the immediately following
         sentence, CNBC Sports shall provide to BHL the videotapes which
         contain the airtime promotions produced for Focused Media and BHL under
         the Airtime Agreement. However, CNBC Sports shall be freely entitled,
         at BHL's cost (such cost not to exceed US $5,000 and to be confirmed
         to BHL prior to the work being performed) to edit out of those tapes
         any reference whatsoever made to CNBC Sports and/or the Logo.

9.2      CNBC Sports will not willfully carry out the editing of said videotapes
         in such a manner as to destroy the integrity and usability of the
         remaining contents.

9.3      The videotapes (as edited) and all of their contents shall be and
         remain the exclusive property of BHL. BHL shall be free to utilise
         the tapes in such manner as it sees fit, without the consent of CNBC
         Sports and without the payment of any license fees or other
         compensation to CNBC Sports.

10.      PUBLIC STATEMENTS; NO DISCLOSURE AND DISPARAGEMENT

10.1     Each of the parties hereby undertakes that neither it nor any of its
         Affiliates, nor any of their respective Associated Individuals, shall,
         at any time hereafter, publish, disseminate, divulge or communicate to
         any other person any details or copies of this Agreement, or make any
         public announcement or issue any press release regarding this
         Agreement, any of its terms, or the change in the relationship of any
         of the BHL Parties to any of the CNBC Parties effected by this
         Agreement, unless it is required to do so by any applicable law or the
         rules of any stock


                                      -12-

<PAGE>   12






         exchange, or unless it shall have first obtained the written agreement
         of each of the other parties to this Agreement.

10.2     Each of the parties to this Agreement further undertakes that neither
         it nor any of its Affiliates, nor any of their respective Associated
         Individuals, shall, at any time hereafter, make any communication or
         statement to any other person whomsoever, or issue any public
         announcement, statement or press release, which is in any way
         disparaging of any of the other parties to this Agreement, or of any of
         their Affiliates, or of any of their Associated Individuals.

11.      GOVERNING LAW; RESOLUTION OF DISPUTES; SERVICE OF PROCESS

11.1     This Agreement shall be governed by and construed in all respects in
         accordance with English law, and it is irrevocably agreed that the
         courts of England shall have jurisdiction to settle any disputes which
         may arise out of or in connection with this Agreement, and that,
         accordingly, any suit, action or proceeding arising out of or in
         connection with this Agreement (in this Clause and in Clause 11.2
         referred to as "Proceedings") may be brought in such courts. Nothing in
         this Clause shall limit the right of any party to commence and maintain
         Proceedings against any other party in any other court of competent
         jurisdiction, nor shall the taking of Proceedings in one or more
         jurisdiction preclude the taking of Proceedings in any other
         jurisdiction, whether concurrently or not.

11.2     In any such Proceedings, the prevailing party (as determined by the
         court having jurisdiction thereof) shall be entitled to recover its
         reasonable and actual attorney's fees and costs, in addition to any
         other relief obtained.

11.3     The BHL Parties appoint Paul White, A&L Goodbody, 1st Floor, Pinnacle
         House, 23-26 St. Dunstan's Hill, London EC3 R8HL, as their authorised
         agent in England and Wales, for the purpose of accepting service of
         process for all purposes in connection with this Agreement.

11.4     Cycad appoints Philip Parker of Riverglade, Riversdale, Bourne End,
         Buckinghamshire SL8 5EB as its authorised agent in England and Wales,
         for the purpose of accepting service of process for all purposes in
         connection with this Agreement.

12.      MISCELLANEOUS

12.1     None of the parties, by entering into this Agreement, is acknowledging
         its liability, or the liability or non-liability of any other party,
         its Affiliates, or any of their respective Associated Individuals, to
         anyone with respect to any matter whatsoever preceding the date of this
         Agreement.

12.2     This Agreement is intended to be comprehensive in nature. Any and all
         rights and obligations as between any of the BHL Parties and any of the
         CNBC Parties arising out of or in connection with or in any manner
         relating to any of the Relevant Agreements, to the extent not expressly
         referred to in this Agreement, have not been omitted through
         inadvertence, but are intentionally and irrevocably waived. No
         representations or promises have been made by any of the parties to any
         other party in relation to this Agreement, and no representations or
         promises are or can be relied upon, other than those which are
         expressly set forth in this Agreement and its Schedules.



                                      -13-



<PAGE>   13






12.3     Any and all notices which are required or which any party desires to
         issue to any other party pursuant to the terms of this Agreement shall
         be transmitted by post or overnight courier, with copies by telefax,
         directed to the recipient at its addresses as indicated in this
         Agreement, or at such other address as such party may hereafter in
         writing designate, and shall be deemed served when first of any of such
         copies is actually received.

12.4     Each party shall bear all legal and other costs and expenses incurred
         by it in connection with this Agreement.

12.5     This Agreement may be executed in one or more counterparts, and each
         counterpart shall, when executed, constitute or be deemed to constitute
         one and the same legally binding and enforceable contract.

12.6     Each party shall be entitled to receive, and shall be provided as
         promptly as practicable following the signature of this Agreement, a
         true, correct and complete copy of this Agreement with all of its
         Schedules (or of copies executed in counterparts, as the case may be)
         reflecting the original signatures of all of the parties. Pending each
         party's receipt of same, facsimile copies of this Agreement with all of
         its Schedules (or of copies executed in counterparts, as the case may
         be) shall serve as originals and be sufficient as such for all
         purposes.

12.7     Each party (a) represents that its signatory has the power and
         authority to sign this Agreement and, by doing so, to bind that party
         to this Agreement and all of its terms, and (b) agrees to indemnify
         each of the other parties to this Agreement in respect of any damages
         sustained, and any costs or expenses (including attorney's fees)
         incurred, as the result of any claim to the contrary.

12.8     BHL (a) represents and warrants that the signatories to this Agreement
         on behalf of Global Golf and Focused Media have the power and authority
         to sign this Agreement and, by doing so, to bind that party to this
         Agreement and all of its terms and (b) shall indemnify and keep
         indemnified each of the CNBC Parties against all liabilities, claims,
         actions, proceedings, costs, damages and expenses (including without
         limitation reasonable legal fees) reasonably and properly incurred by
         each of the CNBC Parties and arising out of any breach of such
         representation and warranty.

12.9     CNBC Sports (a) represents and warrants that the signatory to this
         Agreement on behalf of Luna has the power and authority to sign this
         Agreement and, by doing so, to bind that party to this Agreement and
         all of its terms and (b) shall indemnify and keep indemnified each of
         the BHL Parties against all liabilities, claims, actions, proceedings,
         costs, damages and expenses (including without limitation reasonable
         legal fees) reasonably and properly incurred by each of the BHL
         Parties and arising out of any breach of such representation and
         warranty.

12.10    BHL hereby undertakes, covenants, represents and warrants to and for
         the intended benefit of each of the CNBC Parties that it shall not
         permit any third party to acquire (by way of a transfer of or
         subscription for shares or otherwise) control (as defined in the
         definition of an "Affiliate" contained herein) of Focused Media or
         Global Golf unless and until:

         (a)      BHL shall have delivered to CNBC Sports a certified copy of
                  the board resolutions referred to in Clause 7.4; or

         (b)      BHL shall have procured the due execution and delivery to
                  CNBC Sports by any third party, who so acquires such control,
                  of a warranty, representation and indemnity in the same terms
                  as Clause 12.8 and in the form of a deed.


                                      -14-

<PAGE>   14





         IN WITNESS whereof the parties, by their undersigned representatives,
hereby execute this Agreement



                                      -15-








<PAGE>   15
SIGNED for and on behalf of        )
CNBC SPORTS INTERNATIONAL          )   /s/ [ILLEGIBLE]
LIMITED                            )



SIGNED for and on behalf of        )
FOCUSED MEDIA LIMITED              )   /s/ [ILLEGIBLE] 2/25/00



SIGNED for and on behalf of        )
GLOBAL GOLF LIMITED                )   /s/ [ILLEGIBLE] 2/25/00



SIGNED for and on behalf of        )
BEVERLY HILLS, LTD.                )   /s/ [ILLEGIBLE] 2/26/00



SIGNED for and on behalf of        )
CYCAD FINANCIAL HOLDINGS           )   /s/ [ILLEGIBLE]
LIMITED                            )



SIGNED for and on behalf of        )
LUNA TRADING LIMITED               )   /s/ [ILLEGIBLE]