Bangalore, February 03: The ECB is caught in a legal tangle to return around 2.2 million (US$3 million) received from Allen Stanford, according to a report in the Daily Telegraph.
Receivers acting for creditors of the collapsed Stanford empire are behind various sports bodies which had collaborations with Stanford.
“There has been a running fear in the ECB that the receiver could come after them, and this could be the knock on the door they have been dreading for two years,” a source told Daily Telegraph.
The Stanford Super Series, which took place in October and November 2008, was a hugely embarrassing episode for the ECB, which was seeking a bargaining chip in the simmering dispute with its contracted players who were seeking a share of the new-found riches in IPL cricket.
The Stanford super series, which was held in 2008, has been a cause of worry for the ECB, which was trying to settle disputes with its contracted players who wanted to participate in the cash rich Indian Premier League.
The ECB declined to comment on the reports but it is believed that it sought legal advice on the issue and was told it was unlikely to have to pay any money.
The ECB signed a US$100 million deal for five Stanford Super Series, but the subesequent arrest of Allen Stanford on fraud charges meant that only one tournament was possible, in which England lost the finals to Chris Gayle’s Superstars team. Of the US$20 million prize fund, 13 million was split between Chris Gayle’s team – money which could also attract the attention of the receivers – while the remaining amount was shared between the ECB and the West Indies Cricket Board.
Stanford is accused of fronting a US$7 billion “Ponzi” scheme, charges which he denies. Speaking at the time of his arrest, Rose Romero of the Securities and Exchange Commission, said: “We are alleging a fraud of shocking magnitude that has spread its tentacles throughout the world.”
——–Agencies