The England and Wales Cricket Board have terminated all contractual links with Allen Stanford.
The Texan businessman was charged with an alleged $9 billion fraud by the Securities and Exchange Commission in America on Tuesday.
All negotiations between the ECB and Stanford were immediately suspended, and English cricket's governing body today announced they would not play any further Stanford Twenty20 matches in Antigua and had also shelved plans for the Quadrangular Twenty20 events - the first of which was due to take place at Lord's this May.
The England and Wales Cricket Board have terminated all contractual links with Sir Allen Stanford.
The Texan was charged with an alleged $9 billion fraud by the Securities and Exchange Commission in America on Tuesday.
All negotiations between the ECB and Stanford were immediately suspended, and English cricket's governing body today announced they would not play any further Stanford Twenty20 matches in Antigua and had also shelved plans for the Quadrangular Twenty20 events - the first of which was due to take place at Lord's this May.
ECB chief executive David Collier said: ‘ECB was shocked by the charges filed against the Stanford organisation and personnel earlier this week by the SEC.
‘Within minutes of the announcement, ECB determined to suspend any further discussions with Stanford and the board has now agreed to terminate the ECB's agreements with Stanford.’
Under the deal struck between the ECB and billionaire financier Stanford last summer, England were due to play four further $20 million matches in the Caribbean, while the proposed Quadrangular events were scheduled to take place annually from 2009 to 2011, with each edition worth around $9 billion.
However, Collier reiterated at yesterday's Executive Committee meeting that the termination of that particular revenue stream would not affect the funds made available to counties this year.
'Given the uncertainty of the financial markets and the sponsorship dispute between Digicel and the West Indies Cricket Board over the matches in Antigua in 2008, the Executive Committee and board, when setting the 2009 budgets, took a prudent position in creating a contingency in case the Antigua matches did not proceed,' Collier said.
'For that reason, ECB was able to confirm immediately to counties and the Recreational Assembly that there would be no impact on fee payments in 2009.'
