ECB terminates contracts with Stanford Group
The England and Wales Cricket Board (ECB) has terminated, with immediate effect, its contracts with the Stanford group, owned by billionaire Allen Stanford, accused of fraud.Updated: Feb 22, 2009 00:15 IST
The England and Wales Cricket Board (ECB) has terminated, with immediate effect, its contracts with the Stanford group, owned by billionaire Allen Stanford, accused of fraud.
The ECB also announced it that it "will not proceed with any further Stanford Twenty20 matches in Antigua or the Stanford-sponsored international Quadrangular Twenty20 events in England".
The decision was taken at ECB's Executive Committee meeting held on Friday.
The ECB had suspended all the discussions with Stanford the moment the business tycoon was charged with USD nine billion fraud by the US Securities and Exchange Commission.
The ECB Chief Executive David Collier said their decision will not affect the English counties adversely.
"ECB was shocked by the charges filed against the Stanford organisation and personnel earlier this week by the SEC.
"Given the uncertainty of the financial markets and the sponsorship dispute between Digicel and the West Indies Cricket Board over the matches in Antigua in 2008, the Executive Committee and Board when setting the 2009 budgets took a prudent position in creating a contingency in case the Antigua matches did not proceed.
"For that reason, ECB was able to confirm immediately to Counties and the Recreational Assembly that there would be no impact on Fee Payments in 2009," Collier said.
First Published: Feb 22, 2009 00:00 IST