Stanford Pumps US$28M Into 20/20 League

Mon, Oct 3, '05

American business magnate R Allen Stanford on Monday announced the launch of an exciting and revolutionary Super League ? the Stanford 20/20.

With an initial investment of US$28m for the first tournament to be held in 2006, this league has been endorsed by 14 West Indian cricket legends, 12 of whom were present for the unveiling.

"This is potentially the single greatest private sector investment in cricket," said former captain Clive Lloyd, speaking on behalf of the legends. The winning team will pocket US$1m with the runner up getting US$500,000. Five months ago at the Antigua launch of the Hall of Fame balloting process, Stanford suggested the creation of a professional Super League where West Indian cricketers could do what they do best and be rewarded for excellence.

"In my opinion, for too long West Indian cricketers have been undervalued and underpaid. Using the blueprint so aptly laid by such a forward thinker as Kerry Packer and tailoring it to the specific needs of this region, I have decided to put my money where my mouth is, and do my part to bring about this Super League of which I've spoken so fervently," said Stanford, a Texan who is Chairman of the Stanford Financial Group.

The Stanford 20/20 tournament will take place for five weeks from August to September 2006. The West Indies team will not have any engagements over that period. Seventeen countries have been invited to participate. They are Anguilla, Antigua & Barbuda, the Bahamas, Barbados, Bermuda, the Cayman Islands, Dominica, Grenada, Guyana, Jamaica, Montserrat, St Kitts & Nevis, St Lucia, St Maarten, the British Virgin Islands, St Vincent & the Grenadines, and Trinidad & Tobago. St Maarten is the only country yet to confirm its interest in participating.

A Technical Advisory Board to be chaired by Andy Roberts has been compiled. This Board will be responsible for liaising with the teams, establishing the rules and regulations for the tournament and sanctioning the format of the competition. The group is comprised of an ICC-sanctioned umpire, a statistician, media consultant and tournament organizers KellyHolding Ltd.

At the end of the five week tournament, the cricket legends will select a Stanford Super-Star team to play one match each against two world-class teams to be named. Invitations will be sent out within the next 45 days.

The investment in this knock-out tournament is broken down into US$5.49m for teams to prepare for the tournament; US$2.75m for marketing and promotion, US$6.015 for tournament costs and US$13.9m for the Super-Stars event.

Stanford kept the details of the size of the investment unknown. The legends were the first to be informed over dinner on Sunday night. "I am still in shock to think that so much money is being put into West Indies cricket," said Sir Everton Weekes after the launch.

The Texan, who resides in Antigua, had previously explained the concept to the WICB President Ken Gordon, and CWC Managing Director and CEO Chris Dehring who both were unable to attend. They were informed only today about the total investment amount. "This is a very exciting and historic day for West Indies cricket. I congratulate Mr Stanford's foresight and vision. The idea is not a new one, but it has taken someone with Stanford's resources to bring it to fruition. The timing is an excellent precursor to World Cup 2007," said Dehring by telephone.

Stanford has promised live satellite feed free of cost to all participating nations.

"We cannot afford to sit on our behinds and be complacent," said Stanford. He added "I am treating this as a professional business, which professional sports is. Everywhere else in the world, professional athletes are paid according to their skills and ability." The financier said that having travelled all over the Caribbean, he is convinced that the region has the best raw talent. "We want to create an event and enthusiasm. We are going to find the best talent in the Caribbean," Stanford stated.

Will the tournament have a life beyond a year? "It's not up to me; it's up to the public. The Legends Board will make those decisions if the region embraces it," said Stanford.

The fourteen legends who have agreed to help administer and promote the event are:-

Clive Lloyd, Lance Gibbs, Ian Bishop, Sir Everton Weekes, Desmond Haynes, Courtney Walsh, Sir Vivian Richards, Sir Garfield Sobers, Gordon Greenidge, Joel Garner, Wes Hall, Richie Richardson, Curtly Ambrose and Andy Roberts.

According to Stanford, "these gentlemen have given us a pride and passion for cricket which is unfortunately slipping away." He further added that when West Indies cricketers perform at a level that is world class, Caribbean people all rise up with them. "The world then takes note of a very small part of the world," he said.

Stanford's vision is to support and be part of a rebirth and regeneration of West Indies cricket. "If we don't act now, we're going to lose it," said an emphatic Stanford.

The first match of the Stanford 20/20 takes place in August 2006 at the Sticky Wicket in St John's, Antigua.