Notts Outlaws will compete for prize money of almost £2.5million in the inaugural Cricket Champions League this autumn if they reach the final of the Twenty20 Cup.

The England and Wales Cricket Board, Cricket Australia, the Board for the Control of Cricket in India and Cricket South Africa reached agreement yesterday for the staging of the tournament with significant sums also on offer to teams reaching reaching the semi-final stage.

Following meetings late last week between ECB, represented by chairman Giles Clarke and chief executive David Collier, and Cricket Australia’s chairman Creagh O’Connor and chief executive James Sutherland, talks were concluded yesterday between Giles Clarke and Indian Premier League commissioner and BCCI representative Lalit Modi and Cricket South Africa president Norman Arendse.

It was agreed that the first Champions League tournament would involve eight teams playing 15 matches in a 10 day period in late September and early October in either the Middle East or India.

The two teams in the Twenty20 Cup final at the Rose Bowl will join 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 in the Champions League.

"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," said Clarke.

"The ECB 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 $5m.

"I am sure that the demand for tickets for this year’s ECB Twenty20 Cup will be greater than ever.

"We are already aware of a number of broadcast and commercial partners who are anxious to become involved with cricket’s latest exciting venture."