Twenty20 jackpot on offer
Next summer's Twenty20 finalists will represent the English county game in India for a £1million jackpot.
The Board of Control for Cricket in India have announced details of a lucrative eight-team tournament, which will include both finalists from England alongside those from India, Australia and South Africa, to be held on the subcontinent next October.
In future years the Champions League style event will be expanded to 16 teams, and could incorporate all Test-playing nations.
Thursday's announcement in New Delhi was greeted positively throughout the world cricket community.
"The ICC has always sought to control the volume of Twenty20 International cricket that is played but we have also looked to encourage our members to embrace the format at domestic level because it is an ideal way to bring new people to the game," said International Cricket Council chief executive Malcolm Speed.
"This exciting new venture should provide the domestic Twenty20 game with real context and a new dimension and is a great example of our members working together to help make our strong sport even stronger."
Kent took home £42,000 for being crowned England's 2007 champions of 20-over cricket but, thanks to the huge bounty on offer from television companies, would be contemplating a sum 25 times as big for repeating their exploits in 2008.
"For county, state and province players the introduction of the T20 Champions competition played between the eight best teams in the world, who have earned their place through our domestic competitions, provides a new and exciting pinnacle for our county champions," said England and Wales Cricket Board chief executive David Collier.
"It will provide teams with the opportunity to earn the title of the world club champions in a format which will be eagerly anticipated by spectators and players alike."
The inaugural event will offer a £2.5m prize fund - with £1m going to the winners. India's representatives will qualify through a new league called the BCCI Indian Premier League, a tournament, to be held in April 2008, which will last for 44 days and involve 59 matches.
