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Global recession leaves yachtsman in choppy waters
As well as general corporate belt-tightening, the sponsorship market has seen major backers get into deep financial trouble. Billionaire investment manager Allen Stanford, who is facing serious fraud allegations in the U.S., has been a key source of funding for international cricket and golf, and his companies' sponsorship efforts also extend to sailing events in the Caribbean. He and Bernard Madoff were also significant supporters of the global arts community, with large arts charities among those who lost money through the alleged investment scams run by the two high profile businessmen.
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