ECB faces legal threat over ill-gotten’ Stanford gainsBy ANI
Thursday, February 3, 2011
LONDON - 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.
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
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.
The prospect of legal action will confirm the worst fears of its critics. (ANI)