Stanford gets tough on funding

	Allen Stanford may have plenty of money, but he still wants to make sure it is used correctly © Getty Images

Failure by some territorial boards to account for funding from the Stanford 20/20 development programme led to a decision to suspend the monthly US$15,000 disbursement for four months.

Additionally, some of the 20 boards do not have their accounts in a satisfactory manner.

And while the Stanford board of directors has taken a decision to resume funding, it will be by way of a restructured disbursement scheme in order to ensure a higher level of accountability.

These telling revelations are contained in a statement issued by Stanford 20/20 in responding to a report in the Sunday Telegraph with regard to the funding for the territorial boards.

The decision to suspend the funding was made at a board meeting last November, but following another meeting in March, a decision was taken to resume the disbursements.

Two months ago, representatives of all the territorial boards were flown to St Croix in the United States Virgin Islands to discuss with them the status of their funding.

Stanford 20/20 president Andrea Stoelker and other representatives of Stanford 20/20, Merlice Charles and Natasha Flynn-Lewis, outlined to the territorial boards the reviewed scheme for the disbursement of funds whereby each territorial board will submit their bills and those bills will be paid directly by Stanford 20/20 not exceeding US$15,000 per month.

Investigations by the Midweek Sport revealed that at least five of the territorial boards had not sufficiently accounted for the funding.

While there was a halt to the funding to the territorial boards, Stanford 20/20 said it remained committed to the development and resurgence of West Indies cricket on the international stage.

"Sir Allen Stanford and the legends on the Stanford 20/20 board of directors have never wavered in their dedication to ensuring that West Indies cricket rises from the regrettable state it has reached," the statement said.

"Further, Sir Allen and the legends continue to work tirelessly to ensure that this is achieved with urgency and Sir Allen has already dedicated in excess of US$80 million towards this. Finally, Sir Allen and the legends are constantly exploring new, creative and innovative ways in ensuring that West Indies cricket remains acutely relevant and a force to be reckoned with on the world stage.

"To this end, Sir Allen, in conjunction with the West Indies Cricket Board, will shortly announce some exciting initiatives which are guaranteed to have the eyes of the cricketing world firmly focused on the West Indies."