Counties will receive no more details of due diligence carried out by the ECB before the $150 million (about £105million) contracts with Allen Stanford were signed last year. Questions were raised after David Collier, the ECB chief executive, said in an e-mail seen by The Times that the Royal Bank of Scotland and two merchant banks were consulted before the deals were agreed.

Collier's note to counties on February 21 - four days after $9billion fraud charges were levelled against Stanford and two days after the ECB severed links with the Texan - shows that due diligence did not stretch beyond the ability of the banking tycoon to meet the financial side of his commitments.

Collier wrote: “Sir Allen's track record in investing in sport and good causes was noted and there was no indication whatsoever of an issue with any of these sponsorships. The feedback received indicated that Stanford was in the top 700 of the world's richest people and had more than adequate capital to cover the commitments made in the proposed agreements with ECB.”

When Rod Bransgrove, the Hampshire chairman, sought more information, he was told by Giles Clarke, the ECB chairman, in an e-mail circulated to the ECB executive and counties: “The Board does not intend, nor does it have any obligation, to disclose further details. Aside from the details referenced in the chief executive's update, the information generated as part of that process remains confidential.”

Collier, who has considered his own position, said that initial legal advice holds that $3.5 million paid to the ECB from the Stanford 20/20 for 20 game last November - of which roughly half was distributed to the counties - is “in no way recoverable” if Stanford is convicted.