ECB faces legal threat over ill-gotten Stanford gains
Updated On: 03 February, 2011 05:23 PM IST | Agencies
The England and Wales Cricket board faces the threat of legal action to return 3.5 million dollars it received from the ill-fated deal with disgraced financier Sir Allen Stanford.
The England and Wales Cricket board faces the threat of legal action to return 3.5 million dollars it received from the ill-fated deal with disgraced financier Sir Allen Stanford.
According to The Telegraph, receivers acting for creditors of Stanford's collapsed seven billion dollar financial empire have begun legal action against a number of sports bodies.
They include IMG Worldwide, who represent golfer Vijay Singh, and the Miami Heat basketball team, to recoup sponsorship fees.
They have said they will be looking into the ECB's relationship with the Texan and it could face action to repay 'ill-gotten gains' received from its deal.
u00a0
Stanford is currently in custody awaiting trial in the United States charged with running an alleged seven billion dollar 'Ponzi' scheme based on the sale of certificates of deposit in his Antiguan-based Stanford International Bank. He denies the charges
u00a0
The ECB's ill-fated decision to strike a 100 million dollar deal for a series of Twenty20 matches against a Stanford Superstars XI is one of the most embarrassing and controversial episodes in its history.
ADVERTISEMENT
Poll
Who will win the Punjab Elections?
The prospect of legal action will confirm the worst fears of its critics.
Trending Stories
Latest Web Stories
Latest Photos
06 August, 2026 08:34 PM IST | In Photos: Hiroshima Day Silent Peace March 2026
Preshit Deorukhkar
17 December, 2025 11:56 AM IST | IN PHOTOS: MLAs at Vidhan Bhavan during Maharashtra Legislative Council polls
Asif Ali Sayed
09 September, 2024 09:32 PM IST | IN PHOTOS: People in Mumbai celebrate Gauri Puja during Ganeshotsav
Asif Ali Sayed
09 September, 2024 09:13 PM IST | IN PHOTOS: Mumbai witnesses sunny weather as rains take a break
Asif Ali Sayed
Latest Videos
ADVERTISEMENT
Mid-day Fast
Latest Headlines
19 August, 2026 07:14 PM IST | Makepeace Sitlhou
19 August, 2026 11:50 AM IST | Test Tushar
12 August, 2026 07:33 PM IST | Oshin Fernandes
06 August, 2026 08:34 PM IST | Preshit Deorukhkar