ECB terminates contracts with Stanford Group

London, Feb 21 (PTI) 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 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. PTI AT
DEP