Stanford financial fallout February 20, 2009

Stanford owes Trinidad board almost $200,000

The Stanford Group of Companies owes the Trinidad and Tobago Cricket Board (TTCB) almost US$200,000 board chief executive Forbes Persaud has admitted.

He said that the money owed to the TTCB was from an estimated US$15,000 that was supposed to be given by the Stanford Group as development funds every month.

"This was for development programmes for the period 2007 to 2008. In the meantime, we have used our prize money from winning the Stanford Twenty20 series to take care of our development programmes with the hope of recovering the money later on. I guess with Stanford's assets now frozen, that money will not come our way again."

Persaud reassured local cricketers that development programmes would continue and that the TTCB was still in good financial standing. "We will continue our development programmes with help from the Sportt Company and other sponsors, so our cricketers don't have to worry. The board is still in a good financial position and we will survive."

Trinidad and Tobago team manager Colin Borde said that despite the loss of revenue, the game would still survive in the island.

"Obviously, the loss of revenue would affect us but we would survive and would continue to have our development programmes for our cricketers," he said. "We had cricket before the advent of Stanford and we will have cricket after. I can tell you that the TTCB will be doing all in its power to maintain the standard of cricket in this country."