England [Images] and Wales Cricket Board (ECB) chief executive David Collier said on Sunday he would not resign over the Allen Stanford scandal.

Collier and ECB chairman Giles Clarke have come under fire in the media and from within the game over English cricket's association with Texas billionaire Stanford, who has been accused of involvement in an $8 billion securities fraud.

Collier told BBC Radio Five that he "had discussed his position" but would not resign.

"We went through all the correct procedures and we correctly signed off the procedures," Collier said. "I feel we couldn't have done more. I feel I have more to offer the game and I want to see that through."

On Friday the ECB said all dealings with Stanford had been terminated, meaning there would be no repeat of the controversial $20 million winner-takes-all Twenty20 [Images] match held in Antigua.

This year's Stanford-sponsored quadrangular Twenty20 series, which had been scheduled to begin at Lord's in May, has also been scrapped.

Stanford, who has involvement in many sports, has been charged with defrauding investors around the world in a civil lawsuit by US financial regulators, although he faces no criminal charges.

He has denied any wrongdoing.