Business Recorder - Sports https://www.brecorder.com/ Business Recorder en-Us Copyright 2026 Fri, 14 Aug 2026 13:03:32 +0500 Fri, 14 Aug 2026 13:03:32 +0500 60 ECB faces legal threat over ‘ill-gotten’ Stanford wealth https://www.brecorder.com/news/1954/ecb-faces-legal-threat-over-ill-gotten-stanford-wealth <p class="MsoPlainText"><img style="margin-right: 10px; margin-bottom: 10px; float: left;" alt="cricket_stanford_400" src="https://i.brecorder.com/images/stories/pics2010/dec/cricket_stanford_400.jpg" width="300" height="300" />LONDON: England & Wales Cricket Board faces the threat of legal action to return US$3.5 million it received from the ill-fated deal with disgraced financier Sir Allen Stanford.</p> <p class="MsoPlainText">According to The Telegraph, receivers acting for creditors of Stanford`s collapsed $7 billion financial empire have begun legal action against a number of sports bodies.</p> <p class="MsoPlainText">They include IMG Worldwide, who represent golfer Vijay Singh & Miami Heat basketball team, to recoup sponsorship fees.</p> <p class="MsoPlainText">They said they will be looking into ECB`s relationship with Texan and it could face action to repay "ill-gotten gains" received from its deal.</p> <p class="MsoPlainText">Stanford is currently in custody awaiting trial in the United States charged with running an alleged $7 billion "Ponzi" scheme based on sale of certificates of deposit in his Antiguan-based Stanford International Bank. He denies the charges.</p> <p class="MsoPlainText">ECB`s ill-fated decision to strike a $100 million deal for a series of Twenty20 matches against a Stanford Superstars XI is one of the most embarrassing and controversial episodes in its history.</p> <p class="MsoPlainText">The prospect of legal action will confirm the worst fears of its critics.</p> <p class="MsoPlainText"><Center /><b><i>Copyright PPI (Pakistan Press International), 2011</b></i><br /></center></p> cricket_stanford_400LONDON: England & Wales Cricket Board faces the threat of legal action to return US$3.5 million 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 $7 billion financial empire have begun legal action against a number of sports bodies.

They include IMG Worldwide, who represent golfer Vijay Singh & Miami Heat basketball team, to recoup sponsorship fees.

They said they will be looking into ECB`s relationship with 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 $7 billion "Ponzi" scheme based on sale of certificates of deposit in his Antiguan-based Stanford International Bank. He denies the charges.

ECB`s ill-fated decision to strike a $100 million 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.

Copyright PPI (Pakistan Press International), 2011

]]> Sports https://www.brecorder.com/news/1954 Sat, 05 Feb 2011 11:06:29 +0500 none@none.com (Fakir Syed Iqtidaruddin)