The news has shocked the England and Wales Cricket Board (ECB) who met with Stanford only two weeks ago in London when he gave no indication that he is planning to end a deal he signed amidst a huge fanfare at Lord’s last summer.

A report in Wednesday’s Daily Mail claimed Stanford told his staff in Antigua on Tuesday that he was dismissing his board of “legends”, an advisory body that includes Sir Viv Richards, and had decided to end his involvement with Twenty20 cricket in the West Indies.

Stanford, the multi-billionaire financier, is angry to have lost $40 million on the deal, comprising $20 million to the victorious Super Stars team and $20 million in television and sponsorship deals.

His deal with the ECB is set to last five years and also includes a four-team tournament at Lord’s, which is due to start in 2009 and include his All Stars team.

If the reports are true it would be a massive blow for Giles Clarke, the chairman of the ECB, who is currently with the England team preparing for the second Test against India at Mohali.

“We are unaware of the alleged developments,” an ECB spokesman said.

“One of the problems we have is that we are five and a half hours ahead of London, who in turn are five hours ahead of America so we are going to have to juggle time zones.”

Clarke will seek re-election next year and the Stanford deal could become a key battle ground.

The ECB have conducted a review of the Stanford series and it was due to be delivered at a board meeting at the start of December. But it was delayed by the crisis in India.

The review was launched halfway through the Stanford week in Antigua after the Texan had upset the England team by flirting with their wives and girlfriends and walking into their dressing room. THE DAILY TELEGRAPH