The England and Wales Cricket Board (ECB) has announced that it has cancelled all its contractual agreements with Sir Allen Stanford, after charges were brought against the American billionaire in connection with an alleged US$8bn (£5.6bn) investment fraud.
Both the ECB and the West Indies Cricket Board (WICB) suspended negotiations with Stanford "concerning a new sponsorship deal" on 17 February, after the US Securites and Exchange Commission (SEC) revealed that it was investigating a "fraud of shocking magnitude that has spread its tentacles throughout the world".
The ECB's decision to terminate the five-year business agreement now means that there will be no further Stanford Twenty20 matches in Antigua. A Stanford-sponsored international quadrangular Twenty20 tournament, the first of which was due to be held at Lord's, London, this summer, will no longer go ahead either.
Plans for an English Premier League competition have also been thrown into doubt, although the ECB confirmed that there would be no impact on money due to be paid to the 18 first-class county clubs and the recreational assembly.
ECB chief executive, David Collier, said: "ECB was shocked by the charges filed against the Stanford organisation and personnel by the SEC. Within minutes of the announcement, ECB determined to suspend any further discussions with Stanford and the Board has now agreed to terminate ECB's agreements with Stanford.
"Give the uncertainty of the financial markets and the sponsorship dispute between Digicel and the West Indies Cricket Board over 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."
David East, chief executive of Essex County Cricket Club, said: "The communication from the ECB that the termination of the Stanford agreements would not negatively impact our fee payments was a great relief to all counties.
"The further confirmation of this fact allows counties to move forward with their 2009 budgets given that, for some, the ECB fee payment accounts for the majority of their income."
The England and Wales Cricket Board (ECB) has announced that it has cancelled all its contractual agreements with Sir Allen Stanford, after charges were brought against the American billionaire in connection with an alleged US$8bn (£5.6bn) investment fraud.
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The England and Wales Cricket Board (ECB) has announced that it has cancelled all its contractual agreements with Sir Allen Stanford, after charges were brought against the American billionaire in connection with an alleged US$8bn (£5.6bn) investment fraud.
Both the ECB and the West Indies Cricket Board (WICB) suspended negotiations with Stanford "concerning a new sponsorship deal" on 17 February, after the US Securites and Exchange Commission (SEC) revealed that it was investigating a "fraud of shocking magnitude that has spread its tentacles throughout the world".
The ECB's decision to terminate the five-year business agreement now means that there will be no further Stanford Twenty20 matches in Antigua. A Stanford-sponsored international quadrangular Twenty20 tournament, the first of which was due to be held at Lord's, London, this summer, will no longer go ahead either.
Plans for an English Premier League competition have also been thrown into doubt, although the ECB confirmed that there would be no impact on money due to be paid to the 18 first-class county clubs and the recreational assembly.
ECB chief executive, David Collier, said: "ECB was shocked by the charges filed against the Stanford organisation and personnel by the SEC. Within minutes of the announcement, ECB determined to suspend any further discussions with Stanford and the Board has now agreed to terminate ECB's agreements with Stanford.
"Give the uncertainty of the financial markets and the sponsorship dispute between Digicel and the West Indies Cricket Board over 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."
David East, chief executive of Essex County Cricket Club, said: "The communication from the ECB that the termination of the Stanford agreements would not negatively impact our fee payments was a great relief to all counties.
"The further confirmation of this fact allows counties to move forward with their 2009 budgets given that, for some, the ECB fee payment accounts for the majority of their income."
The England and Wales Cricket Board (ECB) has announced that it has cancelled all its contractual agreements with Sir Allen Stanford, after charges were brought against the American billionaire in connection with an alleged US$8bn (£5.6bn) investment fraud.
If the health service is to
survive, we must recognise
that it is a disease service
– and that wellbeing rests with
us, says the activity advocate
and healthy ageing champion.
He talks to Kate Cracknell
Strength training is evolving,
driven by changing consumer
preferences. Julie Cramer talks
to innovators about how their
products are meeting this demand
As the entrepreneur who started Wexer, Fresh Fitness, Fitness DK and Repeat, as well as being a former elite athlete, Rasmus Ingerslev’s life looked perfect from the outside, but onthe inside it was a different story. He talks to Kath Hudson about healing old wounds
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confirming the event’s largest-ever drinks reception as registrations continue to run more
than 10% ahead of last year.
CoverMe, the global leader in fitness workforce management, today launches CoverMe PT, an
on-demand personal training platform that connects the right personal trainer to the right
client in under 10 seconds.
STA's The Ripple Effect initiative has reached an important milestone after learners
completed the charity's first fully funded swimming teacher training programme, resulting in
seven newly qualified swimming teachers.
Pulse Fitness’ digital solution, Trakk, is helping Walsall Council transform community
health engagement into measurable outcomes by combining body composition tracking with
targeted physical activity interventions.
