The Board of Control for Cricket in India (BCCI) has announced the inaugural Champions Twenty20 League. The BCCI has set a reserve price of $ 750 million for the 10-year broadcast rights, whose tender will be floated shortly.

The ten-day Champions Twenty20 inaugural tournament will be played from September 29 to October 08, 2008. The tournament is scheduled to begin only one day after the end of the 50-over Champions Trophy, featuring national teams from the top eight cricket countries. It has a total of $ 6 million in prize money.

Lalit Modi, vice-president, BCCI, says, "The Indian Premier League (IPL) set new benchmarks. Women and children also watched the games. Before the IPL, there was apprehension that people might not want to watch foreigners playing. However what we have seen is that fans love quality cricket. We have also received a lot of interest from different parties regarding the telecast rights and we hope that they put their money where their mouth is. People have seen the kind of deliveries that the IPL has managed. We expanded the fan base."

The founding partners in the venture are Cricket Australia and Cricket South Africa. The IPL winner Rajasthan Royals and the runner up Chennai Super Kings will represent India. Western Australia and Victoria will represent Australia. Pakistan's top domestic team Sialkot also wishes to take part, and the BCCI has also invited English county Middlesex to play in the inaugural League.