Update: 13th September 2007
The new league will be called the Champions Twenty20 League and will contain eight teams; two from each of India, England, Australia and South Africa. These two teams will be the teams that come first and second from their respective national competitions. These competitions will be the ones currently present in South Africa, Australia and England.
However, the competition in India will be franchised, with franchises owning the teams and earning a percentage of the centralised revenue. The league is scheduled to start in April 2008 and will last for 44 days, with 59 matches. The prize money for the league will be around $3million. The teams will play each other on Saturday evenings on a home-away basis. This national competition will be called the Indian Premier League.
The Champions Twenty20 League will be held in one country (likely India or less likely Australia) and held in October 2008. ''There will be 16 players in each team which may have two to three foreign players, at least four under 21 players and a minimum four cricketers from the catchment area,'' Modi said in his opening presentation. The main talking point of the tournament will be the prize money which is $2.5 million, $1 million of which will go to the winners and the rest, presumably to runners up and third place.
A draft will take place as well as transfers of players between teams for money. There will be a salary cap but this will not apply to marquee signings. The tournament is officially sanctioned by the ICC.