ECB terminates Stanford contracts after fraud scandal
ECB terminates contracts with Sir Allen Stanford over fraud allegations
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Friday, 20, Feb 2009 10:29
The England and Wales Cricket Board (ECB) has terminated its contracts with Sir Allen Stanford over allegations of fraud around his businesses.
The Texan entrepreneur - who has invested millions in English cricket - has been served legal papers by the FBI over an alleged $9.2 billion (£6.5 billion) fraud linked to his Stanford group.
And with increasing pressure on ECB chairman Giles Clarke to resign over the scandal, the governing body of English cricket has announced the immediate severing of all ties with Stanford.
"The ECB was shocked by the charges filed against the Stanford organisation and personnel earlier this week by the Securities and Exchange Commission," said chief executive David Collier.
"Within minutes of the announcement, ECB determined to suspend any further discussions with Stanford and the Board has now agreed to terminate the ECB's agreements with Stanford."
This means England will not take part in the Stanford SuperSeries Twenty20 matches in the West Indies or the Stanford-sponsored Quadrangular Twenty20 games in England.
However, the ECB stressed the termination of the contracts would not affect fee payments owed to the 18 counties or to grassroots cricket.