THE WEST INDIES Cricket Board (WICB) has sealed an agreement with merchant bank Verus International that will ensure the launch of a professional franchise-based Twenty20 cricket league in the Caribbean next year.
The partnership with the Barbados and New York-based financial institution is expected to result in a league comprised of up to six privately owned city-based teams.
The WICB has stated the league has been designed to provide financial benefits for participating players with the majority of competitors being West Indian. All matches in the league will be televised throughout the Caribbean and across the globe.
As part of the arrangement, WICB will receive annual funding from Verus International for new retainer contracts for regional players, on top of the 20 central annual retainer contracts currently offered by the Board.
Undoubtedly, comparisons will be drawn to the Indian Premier League (IPL) Twenty20 cricket tournament, which was launched by the Board of Control for Cricket in India (BCCI) with eight franchises in 2008.
The IPL has continued to grow as a respected cricket event and also as a lucrative commercial entity as highlighted by Pepsi recently acquiring the title rights to the competition in a five-year, $72m deal.
While the WICB is certain to attract lower levels of commercial investment compared to the IPL, significant sponsorship opportunities will materialise as a result of the WICB recruiting central sponsors for the tournament and each franchise looking for corporate partners to assist with team funding.
It remains unclear as to whether Verus International will become the competition’s inaugural title sponsor, but the company will hold a press conference in Barbados next week to offer more information on the league.
By Luke Harman
Follow Luke on Twitter: @lukeharmanSBG