The England and Wales Cricket Board (ECB) has announced that it has cancelled all its contractual agreements with Sir Allen Stanford, after charges were brought against the American billionaire in connection with an alleged US$8bn (£5.6bn) investment fraud.

Both the ECB and the West Indies Cricket Board (WICB) suspended negotiations with Stanford "concerning a new sponsorship deal" on 17 February, after the US Securites and Exchange Commission (SEC) revealed that it was investigating a "fraud of shocking magnitude that has spread its tentacles throughout the world". The ECB's decision to terminate the five-year business agreement now means that there will be no further Stanford Twenty20 matches in Antigua. A Stanford-sponsored international quadrangular Twenty20 tournament, the first of which was due to be held at Lord's, London, this summer, will no longer go ahead either.

Plans for an English Premier League competition have also been thrown into doubt, although the ECB confirmed that there would be no impact on money due to be paid to the 18 first-class county clubs and the recreational assembly. ECB chief executive, David Collier, said: "ECB was shocked by the charges filed against the Stanford organisation and personnel by the SEC. Within minutes of the announcement, ECB determined to suspend any further discussions with Stanford and the Board has now agreed to terminate ECB's agreements with Stanford.

"Give the uncertainty of the financial markets and the sponsorship dispute between Digicel and the West Indies Cricket Board over matches in Antigua in 2008, the executive committee and board when setting the 2009 budgets took a prudent position in creating a contingency in case the Antigua matches did not proceed." David East, chief executive of Essex County Cricket Club, said: "The communication from the ECB that the termination of the Stanford agreements would not negatively impact our fee payments was a great relief to all counties.

"The further confirmation of this fact allows counties to move forward with their 2009 budgets given that, for some, the ECB fee payment accounts for the majority of their income."