Stanford 20/20 Money Continues to Flow

The Stanford 20/20 Tournament may be over but the cricket boards of the 19 countries that participated in the competition are still receiving monthly payouts.

Tournament organisers say that the US$280,000 that Allen Stanford pledged to regional boards a year ago is being disbursed and Stanford has has indicated that there is even more funding to come.

Each country received a lump sum of US$100,000 at the beginning of the year, which is to be used toward capital development, followed by a monthly installment of US$15,000 over a period of a year, which has gone toward coaches and players' support and development (US$10,000) and maintenance of facilities and equipment (US$5000).

However, Stanford has said that he will continue the monthly payments into 2007 and his auditors are currently in the region visiting each country to assess the cricket boards' use of the funds to date.

"Our audits so far have shown that the Stanford funds are indeed being used to promote cricket in the Caribbean," said Meera Singh of the Stanford Financial Group. "Countries have been very cooperative and eager to meet with us. An audit package has been ready for us upon arrival, and to date there have been no serious issues regarding the spending of the monies that Mr. Stanford has given," she added.

"The audits have also been very beneficial as they have given us an opportunity to meet the people who are managing the money and address any questions or concerns that they might have as well as discuss subsequent developments and plans that they might have for the money they will receive in the future," Singh said.