WICB collects $2M licensing fee from Stanford
The WICB today received US$2Million from the Stanford 20/20 Organisation as the licence fee for sanctioning the Stanford 20/20 Tournament in Antigua.
The licence agreement with Stanford 20/20 will earn the WICB a total of US$6 million, two million this year, 2008, and one million each year up to and including 2012.
Yesterday, June 10, 2008, President of the West Indies Cricket Board Julian Hunte signed the Heads of Agreement with Stanford 20/20 which, in essence, will recognize Stanford 20/20 as the only official sanctioned Sponsor of a regional Twenty20 Cricket Tournament (the “Stanford 20/20 Tournament”)."This agreement with Stanford 20/20 complements the one signed today in London among the WICB, the ECB and Stanford 20/20. Together they will be worth about US$33.5 Million to the WICB over the five-year period," Hunte said.
The WICB President clarified the use to which the new funds will be put, “We have a Strategic Plan which is built around cricket development including a Cricket Academy that will link all the Territories together with a unified approach and standardized curriculum. The bulk of the new funds will go towards ensuring that we increase the number of young people playing cricket and improve the standard to the point where we achieve and maintain our goal of being at the pinnacle of world cricket by 2012.”