According to Wells, his company staged the $20m 20/20 cricket "Stanford Super Series" for Stanford in Antigua last year.
The matches culminated in a one-off game between England and an all-star team from the Caribbean.
Shortly after Stanford was arrested and charged in connection with an alleged $9.2billion investment fraud.
"He owed us a significant amount of money," Wells told Event in an exclusive interview yesterday. "Also the revenue we projected from his ongoing business meant we had a significant hole to fill in 2009.
"Sadly the situation was compunded by the fact that a number of other events we manage were cancelled by our clients during the course of this year."
The firm is now in the hands of administrator . A creditors meeting is due to be held on 10 November.
Wells also heads up Paragon Event Services, a separate limited company which continues to trade.
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