New Zealand Cricket chief executive Justin Vaughan says it appears unlikely that a Sir Allen Stanford-backed Twenty20 tournament involving the Black Caps scheduled for May will go ahead.
New Zealand Cricket was in negotiation with the England and Wales Cricket Board about being involved in a multi-million dollar tournament in London ahead of the Twenty20 World Cup.
Stanford, a Texan billionaire who has been a major benefactor of West Indies Cricket in particular, has been charged over an alleged investment fraud of almost $20 billion in the United States.
Vaughan says while the news is disappointing, New Zealand Cricket wasn't depending on the proposed tournament happening and they hadn't budgeted on any extra money.
Vaughan says it is quite obvious that the West Indies are going to be hit the most from Stanford's arrest.