The severing of all ties between the ECB and Allen Stanford has not stopped the criticism of chairman Giles Clarke.

It was announced this afternoon the four remaining Stanford Twenty20 matches in Antigua and three quadrangular tournaments in England - the first of which was scheduled for Lord's this May - had been cancelled.

The decision followed the charges levelled at Stanford this week by the Securities and Exchange Commission (SEC) in his native America, which accuse the financier of masterminding a fraud totalling US dollars 9.2billion in value.

ECB chief executive David Collier said: "ECB was shocked by the charges filed against the Stanford organisation and personnel earlier this week 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 the ECB's agreements with Stanford."

Each of the Stanford matches in the Caribbean was worth USD20million, while USD9million was on offer to the countries involved in each edition of the quadrangular tournament.

However, only £3million of Stanford's cash is thought to have found its way into ECB coffers since the two parties first reached agreement last June.

Each of the 18 counties received £50,000 last year as a result of the Stanford deal, and there were fears over the impact a termination of the agreement could have on the domestic game.

But at a meeting of the Executive Committee yesterday, Collier reiterated counties would not suffer financially.

"Given the uncertainty of the financial markets and the sponsorship dispute between Digicel and the West Indies Cricket Board over the 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," Collier said.

"For that reason, ECB was able to confirm immediately to counties and the Recreational Assembly that there would be no impact on fee payments in 2009."

That news was welcomed by Essex chief executive David East who said: "(Confirmation) that the termination of the Stanford agreements would not negatively impact our fee payments was a great relief to all counties.

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

However, Leicestershire chairman Neil Davidson, who earlier this week called for Clarke to quit over the debacle, was not so easily won over and claimed the ECB had failed in their duty of care to the English game.

"My criticism remains of Giles, that he was very much at the forefront of this deal," Davidson told BBC Radio Five Live.

"If anything, my criticism is widening. I'm beginning to read and understand that the board members who apparently unanimously approved this contract with Stanford, most of them had not read it or not read it in detail.

"They have a duty to protect our interests and, if it is true they didn't read it, then where was the risk assessment, which is normal corporate governance practice? What were those board members doing? I think they need to look at themselves."

Davidson agreed the ECB had been correct to end their relationship with Stanford, who was tracked down by the FBI in Virginia last night and served with legal papers.

"It's the only credible position the ECB could take," he added.

"I didn't like the way the whole thing was presented, the image damaged cricket, and that we were contracted with this individual, making us unique in the world of cricket.

"By and large, cricket boards around the world contract with other cricket boards - they know who they're dealing with and the reliability of them.

"Here we were, contracted with an individual we knew nothing about."

Further details have also emerged today of the financial turmoil surrounding Stanford's cricket-related deals in the Caribbean.

The West Indies Cricket Board have revealed they did not receive any of the USD3.5million owed to them following last year's Stanford Super Series, which culminated with the All Stars defeating England by 10 wickets in the winner-takes-all showpiece.

Clarke said earlier this week all monies from the tournament had been paid to his knowledge.

However, it appears Stanford had held back from settling with West Indies because of the contractual dispute between the WICB and Digicel in the lead-up to the tournament.

Antigua Cricket Association chairman Enoch Lewis also told the Press Association they have only received a quarter of the USD100,000 share due to them for taking part in the domestic Twenty20 competition.