ECB could face Stanford money fight 04/02/2011 |
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The England and Wales Cricket Board (ECB) is reportedly facing legal action to return about $3.5m received from disgraced financier Sir Allen Stanford.
Receivers acting for creditors of the collapsed Stanford empire are pursuing a number of sporting bodies which had dealings with Stanford, according to the Daily Telegraph.
"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 the newspaper.
The original $100m deal was for five Stanford Super Series, featuring England and a Stanford Superstars XI, which culminated in a $20m winner-takes-all final at Stanford's private ground in Antigua. His subsequent arrest on fraud charges meant that only the first of those tournaments was played, in which England were thrashed by 10 wickets.
Stanford, who was last month deemed unfit to face trial in Texas on account of his addiction to anti-anxiety drugs, stands accused of fronting a $7bn "Ponzi" scheme – a charge he denies.
The ECB has not commented on the matter but a senior ECB source told the Telegraph on Friday (February 4) that the governing body was confident it would not have to return the $3.5m.
“We will not have to repay a single penny of this money,” said the source. “The ECB has acted properly throughout its dealing with Stanford and the US courts have no jurisdiction here. It is a joke.”
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