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ECB rejects 3 offers for $20m Twenty20 matches

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  • England has rejected three offers worth USD 20 million each for one-off games due to concerns about accepting cash windfalls, prompted by the fiasco involving Allen Stanford's short-lived series.

    Giles Clarke, chairman of the England and Wales Cricket Board, said he had been "staggered'' by the offers that had been made since the collapse of the organization's five-year USD 100 million-deal with Stanford.

    The Texan tycoon's assets have been frozen since February while he is under investigation for alleged fraud in the United States.

    One of the offers the ECB rejected is thought to have come from the Middle East. "We've got a very crowded calendar and we need to look at those types of proposals - there are serious issues about whether we should be playing individual games for very large sums of money," Clarke said. "There's a strong debate about it, so I don't think it's something the board would view with much favour."

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    The ECB signed a deal with Stanford in June last year for five winner-take-all USD 20 million Twenty20 games between England and a West Indies all-star XI with a prize fund of $20 million to be awarded to the winner.

    England lost heavily to the local side in the only match played last November and the players were unhappy that Stanford was filmed socializing with their wives and girlfriends.

    The ECB severed ties with Stanford after the fraud investigation was revealed by the FBI and Securities and Exchange Commission.

    The SEC has accused Stanford and his top executives of conducting an USD 8 billion fraud by advising clients to buy certificates of deposit at the Antigua-based Stanford International Bank.

    ... contd.

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