Cricket braces for Stanford fallout

Allen Stanford, the Texan billionaire underwriting much of West Indies cricket, is reportedly set to pull the plug on his investment in the game. If the news—published in the England’s Daily Mail—is true, it will have serious implications for the future of cricket in England as well, with several joint ventures underway and in the pipeline between Stanford and the ECB.

In a press release yesterday the Stanford Group said a full review of the 2008 Stanford 20/20 cricket programme is being undertaken in light of the well publicised contractual issues with the West Indies Cricket Board which arose prior to the start of the Stanford Super Series.
The Stanford 20/20 Board was dissolved on Monday pending the review and Sir Allen Stanford personally thanked each of the legends of West Indies cricket for their involvement, guidance and counsel over the past three years.

The Board has been integral to Stanford 20/20’s commitment to the development of West Indies cricket and the board members continue to play an important role in the review process.
“Stanford 20/20 and the efforts of its board have reinvigorated widespread interest in the game throughout the Caribbean and have enhanced the image of West Indies cricket globally. The board has been instrumental in developing a whole new fan base in the region,” said Sir Allen.

Contrary to some recent negative press speculation, in relation to Stanford’s broader involvement with cricket and specifically the future of the Stanford 20/20 for 20, the Quadrangular Tournament at Lords and the English Premier League, Sir Allen reaffirmed his desire to continue to work with the England and Wales Cricket Board and discussions are currently ongoing between Stanford 20/20 LLC and the ECB.

Sir Allen confirmed that it was his intention to announce the programme for 2009 and beyond by the end of January 2009.

It is reported that Stanford lost more than US$40 million on the inaugural Stanford 20/20 for 20 and failed to break into the lucrative US television market, one of his core objectives.
Stanford signed a five-year deal worth $100 million with the ECB last summer for the Stanford 20/20 for 20, an annual match where each member of the winning XI is guaranteed $1m.

If Stanford were to pull out at this stage it would have a serious impact on cricket in the Caribbean. Most of the islands have been boosted by Stanford's investment—with Antigua, the venue for the Stanford Super Series, the largest beneficiary—and the cash-strapped West Indies Cricket Board is increasingly reliant on his money to stay afloat.

He has contributed to each of the individual territories, giving as much as $200,000 each year for the last two or three years, so everybody is going to lose if he is removed from the equation.
Stanford’s high-profile relationship with English cricket - he sealed the deal after landing at Lord's in a helicopter, and with a trunk full of $20m in banknotes - hit a rocky patch in the first of the week-long Super Series - including the inaugural Stanford 20/20 for 20 - which was held in Antigua in October-November.

He was caught on camera in the stands with several of the England players’ wives and girlfriends, which only heightened the off-field tensions.
The ECB subsequently said it would review the Stanford Series but the process has been delayed by the complications over touring India.

Trinidad Guardian