A Twenty20 Champions League involving eight teams playing 15 matches will be staged this year either in India or the Middle East, the England and Wales Cricket Board (ECB) said on Saturday.
The competition, which follows the successful launch of the Indian Premier League (IPL) this year, will feature two teams each from India, England, Australia and South Africa.
An ECB statement said the winners of the tournament, to be played over 10 days in late September and early October, would receive $5 million.
Rajasthan Royals and Chennai Super Kings from India, the Titans from Pretoria and KwaZulu Natal Dolphins representing South Africa and Western Australian and Victoria from Australia will take part. The finalists of England's Twenty20 competition will complete the lineup.
"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," ECB chairman Giles Clarke said in a statement.
"We are already aware of a number of broadcast and commercial partners who are anxious to become involved with cricket's latest exciting venture."
