The inaugural Champions League tournament, involving the domestic Twenty20 finalists from England, Australia, South Africa and the IPL, will take place over a 10-day period in late September and early October with US$5 million on offer for the winners.
The fine detail is yet to be confirmed, but the event will feature 15 matches over 10 days, and will take place in either the Middle East or India. Alongside the huge sum for the winners, there will be significant prize money for the teams finishing second, third and fourth.
Western Australia and Victoria from Australia, Rajasthan and Chennai from the IPL along with the Dolphins and Titans from the Pro20 in South Africa have already qualified. They will be joined by the two finalists from the English Twenty20 Cup, which starts next week.
Following meetings late last week between the ECB, represented by chairman Giles Clarke and chief executive David Collier, Cricket Australia's chairman Creagh O'Connor and chief executive James Sutherland, an agreement was reached yesterday between Clarke, IPL commissioner and BCCI representative Lalit Modi, and Cricket South Africa president Norman Arendse.
"We are extremely grateful to our great friends from Australia, India and South Africa for their hard work and determination to get this tournament off the ground," Clarke said. "The Twenty20 Cup will be even more fiercely contested this season in the knowledge that the two teams who reach the final will qualify for the Champions League and the chance to win US$5 million.
"We are already aware of a number of broadcast and commercial partners who are anxious to become involved with cricket's latest exciting venture."