Sport boutiques Couchman Harrington Associates (CHA) and Onside Law have finalised a deal that will see a new Twenty20 cricket tournament in England funded by Texas billionaire Sir Allen Stanford.
The entrepreneur and financier, who flew into Lord's cricket ground to announce the deal in a helicopter carrying West Indies cricketing legends Sir Vivian Richards, Sir Garfield Sobers and Sir Everton Weekes, has pledged $100m (£51.35m) in prize money over five years for a winner-takes-all Twenty20 match in each year featuring his own Stanford Superstars XI and the England cricket team.
The prize fund for each match will be $20m (£10.27m), with the winning players each receiving $1m (£513,504) and the losers going home empty-handed.
The first match will take place in Antigua on 1 November. Stanford's total investment, including the costs of hosting the events, is likely to be in excess of $150m (£77.03m).
CHA managing partner Mark Whitehead, who led the deal for CHA on behalf of Stanford, said: "This has been one of the most talked-about and eagerly anticipated deals in the history of cricket. Sir Allen has an amazing passion for West Indies cricket and his drive to bring this event into being has captured the cricketing public's imagination in an unprecedented way."
Sports boutique Onside Law, led by Jamie Singer, acted on behalf of the English Cricket Board.CONTACTS