News24

ECB talks with Stanford on ice

2009-02-17 19:56

London - The England and Wales Cricket Board has suspended negotiations with Twenty20 backer Allen Stanford after the Texas billionaire was charged by US regulators over an alleged multibillion dollar fraud.

The Securities and Exchange Commission filed a complaint on Tuesday in a Dallas Court against Stanford and three of his companies. The commission alleges that about $8bn of so-called certificates of deposit were sold to investors by promising "improbable and unsubstantiated high interest rates."

Stanford funded a $20m winner-takes-all match between England and a West Indies select team last November.

The ECB says it has "suspended negotiations with Sir Allen Stanford and his financial corporation concerning a new sponsorship deal."

AP