Allen Stanford pulls plug on lucrative 20/20
Published:Wednesday | December 17, 2008 | 3:08 PM
Sir Allen Stanford is reported to be pulling out of cricket after an estimated loss of US$40 million in his recent Super Series involving West Indies and England.
The West Indies Cricket Board (WICB) and England and Wales Cricket Board were set to benefit immensely from a multi-million five-year deal through the Stanford’s initiatives.
The Daily Mail in England has reported that the Antigua-based Texan billionaire is set to withdraw his plans.
The newspaper report said Stanford decided yesterday to axe the so-called board of legend, which includes 12 of the greatest West Indian players.
It is reported that he lost more than US$40 million the inaugural Stanford 20/20 and failed to break into the lucrative US television market, one of his core objectives.
Stanford signed a five-year deal worth $100 million with the England and Wales Cricket Board last summer for the Stanford 20/20 for 20, an annual match where each member of the winning eleven is guaranteed $1 million.