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                           TELEVISION RIGHTS AGREEMENT


This Agreement is made the 17th day of March, 2002

between:

        (i)     Professional Windsurfers Association
                PO Box 791656
                Paia, Hawaii 96779
                USA

        (Hereinafter "PWA")

Of the one part

and

        (ii)    Sportshows Television Ltd
                60 Parsons Green Lane
                London SW6 4HU
                United Kingdom

        (Hereinafter "STV")

Of the other part

(hereinafter collectively referred to as "the Parties")

(The Professional Windsurfers Association World Tour is referred to within this
agreement as PWA World Tour)

(The Events referred to are events within the PWA World Tour)

WHEREAS:

A       PWA is the Association of Professional Windsurfers and owns and manages
        the PWA World Tour as the international governing body with the right to
        sanction and stage professional windsurfing competitions.

B       Sportshows Television Ltd is a company engaged in the production and
        distribution of television programming and news images.

C       PWA wishes to appoint STV as the sole and exclusive rights holder for
        international television rights to the PWA World Tour.

NOW IT IS HEREBY AGREED With effect from 29 January 2002 as follows:

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1       APPOINTMENT
-------------------

1.2     PWA hereby appoints STV as its sole and exclusive worldwide rights
        holders with authority to represent the PWA to third parties in regards
        all television production and distribution relating to the PWA World
        Tour. This includes all broadcast rights pertaining to this including
        television and all broadcast mediums, internet, video, DVD, CD and other
        such recording or broadcasting devices that may be produced or invented.

1.3     PWA hereby appoints STV as its sole and exclusive international rights
        holders with authority to represent the PWA to third parties in regards
        all television production and distribution relating to the PWA World
        Tour, except for discussion with PWA event organiser or potential event
        organisers, where the communications shall be directed through the PWA.

1.3     PWA authorises STV to enter into contracts for television rights,
        distribution and placement with third parties relating to the PWA World
        Tour.

1.4     PWA authorises STV to project, exhibit, and/or perform all or part of
        the programming or news images in any media, internet or World-Wide Web
        associated form or any other form of exposure to be created or devised
        now or in the future in the pursuit of the promotion and publicity for
        the PWA World Tour.

1.5     PWA authorises STV to publicise and advertise by such means as STV deem
        necessary in all media forms in the pursuit of the promotion and
        publicity for the PWA World Tour.

1.6     PWA authorises STV to use any images procured by STV of the PWA World
        Tour for promotion and publicity of STV in all media forms, Internet or
        World-Wide Web associated form or any other form of exposure or
        broadcast to be created or devised now or in the future in perpetuity.

1.7     Should the contract be terminated by PWA, STV shall not produce,
        broadcast or distribute programs that will conflict with ongoing PWA
        world tour programming.

2       STV OBLIGATIONS
-----------------------

2.1     STV shall provide copies of all TV and video programming and
        distribution agreements to PWA of PWA World Tour Programming as and when
        required and within 14 days of written request being received by STV.

2.2     STV shall provide financial statements of all TV and video programming
        and distribution sales of PWA World Tour programming to PWA as and when
        required, and within 14 days of written request being received by STV.

2.3     STV shall provide at no charge one BETA SP master tape in PAL and NTSC
        of each PWA World Tour programme produced during the period of this
        contract. Delivery to a UK address as specified by PWA.


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2.4     STV undertakes to produce a minimum of six programmes of approximately
        25 minutes duration during 2002.

2.5     STV undertakes to produce two programmes of approximately 25 minutes
        duration on the Gran Canaria event in Vargas during 2002.

2.6     STV undertakes to produce two programmes of approximately 25 minutes
        duration on the Gran Canaria event in Pozo during 2002.

2.7     STV undertakes to do everything possible to uphold the image and
        reputation of the PWA and professional windsurfing, and that it will at
        no time knowingly bring the PWA and professional windsurfing into
        disrepute.

3       RIGHTS
--------------

3.1     The copyright to all images produced by STV from PWA World Tour
        competitions or productions will be jointly owned by STV and PWA in
        perpetuity.

3.2     STV will make available copies of any footage required by PWA on an `at
        cost' basis. These costs to be detailed in a separate addendum.

4       PROGRAMMING SALES
-------------------------

4.1     Any and all sales of PWA World Tour programming will be solely retained
        by STV in the first two calendar years of this agreement, namely 2002
        and 2003.

4.2     STV will provide copies of all signed agreement with broadcasters
        relating to the PWA TV series each year, within 14 days of signed copies
        being received by STV provided that STV are at liberty to disclose such
        documents under the terms of those agreements.

4.3     Such contracts signed by STV and sent to PWA must remain private and
        confidential, and a separate confidentiality agreement will be signed by
        STV and PWA relating to this.

4.4     Sales of PWA World Tour programming will be collected from third parties
        by STV in 2004 and shared on a 50/50 basis with PWA after deducting
        technical costs of duplication and couriers or any legal costs incurred
        by STV. A separate addendum will be provided by STV covering these
        costs. Payments will be made by STV after receipt of cleared funds to
        STV's bank account.

4.5     Payment will be made by STV to PWA within 14 days of receipt of cleared
        funds from the third party.

4.6     PWA shall pay STV for TV production and distribution of the two Events
        in Gran Canaria the total sum of 30,000 (thirty thousand) Euros in the
        2002 series, 15,000 (fifteen thousand) Euros per event.


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4.7     Payment for the two events shall be made as follows by PWA to STV's bank
        account via bank transfer.

        a.      Payment 1 - April 22 2002 - 7,500 Euros.
        b.      Payment 2 - On completion of 2 completed TV programmes -
                            7,500 Euros.
        c.      Payment 3 - July 22 2002 - 7,500 Euros.
        d.      Payment 4 - On completion of 2 completed TV programmes -
                            7,500 Euros.

4.8     PWA shall pay STV a minimum of the same amounts in the 2003 and 2004
        seasons for TV production and distribution as specified in clauses 4.4
        and 4.5 of this agreement, though the amount of this fee will be
        renegotiated in January of each year.

4.9     STV shall be entitled to charge interest fees for any late payments at
        the prevailing UK base bank interest rate at the time.

5       TERM OF APPOINTMENT
---------------------------

5.1     PWA grants STV the rights as set out in this agreement, for a period of
        four (4) years namely, 2002, 2003, 2004 and 2005.

5.2     STV shall have first option to renew this contract on the same terms as
        contained within this agreement for the following three years on June
        1st 2004.

6       TERMINATION
-------------------

6.1     Either party shall have the right at any time by giving notice in
        writing to the other to terminate this agreement forthwith upon the
        occurrence of any one or more of the following events:

6.2     if the other party commits a material breach of any of the terms or
        conditions of this agreement, and if capable of cure has not been cured
        the same within thirty (30) days after being called upon to do so by
        written notice; or

6.3     if the other party becomes insolvent or enters into liquidation (other
        than a voluntary liquidation for the purposes of reconstruction,
        amalgamation or similar reorganisation) or enters into any arrangement
        with it's creditors or takes or suffers any similar action in
        consequence of debt or has a receiver, administrator or administrative
        receiver appointed over all or part of its property or assets.

7       LIBRARY
---------------

7.1     STV will archive and store all footage acquired by STV during the term
        of this agreement.


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7.2     Any sales of PWA World Tour footage to third parties will be shared on a
        50/50 basis with PWA, after any costs incurred by STV have been deducted
        from the gross sale.

7.3     STV is not liable for any loss, damage or destruction caused by any
        means to PWA or any third parties footage or materials.

7.4     PWA is not liable for any loss, damage or destruction caused by any
        means by STV's direct actions.

8       WARRANTIES BY PWA
-------------------------

PWA warrants, and it is a condition of this agreement that:

8.1     it has the sole right and authority to exercise and grant the rights
        referred to in this agreement.

8.2     it has not nor shall during the term of this agreement, act as or
        appoint any other person, body or organisation of any kind whatsoever as
        consultant or representative relating to the international rights of STV
        under this agreement.

8.3     the rights granted to STV will not infringe or violate any copyright,
        trade mark, patent right or any other proprietary right or infringe any
        other rights of any person, firm or corporation.

8.4     it will safeguard the rights which are subject of this agreement
        including the taking of such steps as may be reasonable to prevent
        infringement of these rights.

8.5     it has the permission, right and authority of all competitors and
        sponsors taking part in PWA World Tour Events for STV to use their
        image, likeness and logo in all media relating to the PWA World Tour
        without recourse to STV and that PWA will indemnify STV from any legal
        action, damages or claims by PWA competitors as such.

8.6     that STV may freely use its logos and trademarks during the term of this
        agreement within its productions and for advertising and promotional
        use.

8.7     That the PWA will stage and manage a minimum of 6 world tour grand prix
        or grand slam windsurfing events that constitute and form a part of the
        world tour in each year of this agreement.

9       CONFIDENTIALITY
-----------------------

9.1     The parties acknowledge that the terms and conditions of this Agreement
        are confidential and therefore agree to take whatever measures are
        reasonably necessary to preserve such confidentiality, unless disclosure
        is required by law. Nevertheless, such information may be disclosed to
        the extent necessary to the parties' lawyers, agents, financial advisers
        and

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        others with a need to know in the ordinary course of business, provided
        that such persons are placed under a similar obligation of
        confidentiality.

10      GOVERNING LAW
---------------------

10.1    This agreement shall be governed by and construed in all respects in
        accordance with the Laws of England and shall be subject to the
        non-exclusive jurisdiction of the English Courts, to which the Parties
        hereby submit in relation to any dispute thereon.

IN WITNESS  WHEREOF,  the parties hereto have caused this  agreement to be
        executed in two (2) original copies of their duly authorised
        representatives on the day of the year first before written.


Signed for and on behalf of               Signed for and on behalf of
Sportshows Television, Ltd.               Professional Windsurfers Association


/s/ Clifford Webb                         /s/ Phillip C. McGain
--------------------------------          ------------------------------------
Clifford Webb                             Phillip C. McGain
Managing Director                         Chairman



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