Kent chairman George Kennedy believes Sir Allen Stanford’s money was too good for English cricket to turn down.

The England and Wales and West Indies Cricket Boards have now suspended negotiations with the Texan over a new multi-million pound sponsorship deal, after he was charged with involvement in an alleged £8billion fraud earlier this week

There are now calls for ECB chairman Giles Clarke and chief executive David Collier, who negotiated the deal, to stand down, with Clarke’s re-election for another two-year term, confirmed earlier this month, still to to be ratified.

However, Mr Kennedy said: “Giles is in a difficult position but I think if I had been in his position, I would probably have done the same. People think cricket is a sport but we are self-funding, pay our players a lot of money, the Indian Premier League is here and somebody comes along throwing a lot of money at the game. You are not going to tell him to go away because you don’t like his style.

Mr Kennedy also confirmed that Kent had banked the £50,000 that the counties were given late last year following the controversial Stanford Super Series in Antigua last November.

He said: “We received it two or three months ago and it was absorbed into our funds in what has been a very difficult financial situation. We used it to help in the running of the club and it will appear in the figures which are due out in the next few days.”

Mr Kennedy has previously warned that results for year ending October 31 2008 will be “very disappointing.”

The problems stem from delays in redeveloping the St Lawrence Ground after news that builders Persimmon, who had successfully tendered to work on the Bat and Ball and net sites, had withdrawn.

Kent announced a new streamline management team which began work on January 1, involving new titles and responsibilities for Jamie Clifford, Jon Fordham and Neil Peck, while some staff were made redundant, including head groundsman Mike Grantham.

Mr Kennedy predicted the 2009 budget would “show a much more ambitious approach to improve our finances.”

Members will get their chance to discuss financial and team matters at the annual meeting on Monday, March 16.