ESPN Star Sports will shell out nearly $1 billion (570 million pounds) for the commercial and marketing rights for the Twenty20 [ Images ] Champions League [ Images ].

The inaugural tournament will be held December 3-10 with $6 million in prize money. It will feature eight teams, two each from Australia [ Images ], India [ Images ] and South Africa [ Images ] and the champions from the England [ Images ] and Pakistan domestic leagues.

Organisers said on Thursday the broadcaster had bid $900 million for a 10-year deal, plus some $75 million for marketing.

"The commercial rights were won by ESPN STAR Sports with a bid of $975 million (including $75 million for marketing the tournament)," they said in a statement.

"This makes the Champions League Twenty20 the highest value cricket tournament on a per game basis."

The Australian, Indian and South African boards will jointly organise the Champions League, an off-shoot of a lucrative Indian version launched this year.

"We are absolutely delighted that after a fair and transparent process, we have what we believe to be the best commercial deal for the inaugural Champions League season and for cricket fans across the world," Lalit Modi [ Images ], Board of Control for Cricket in India (BCCI) vice-president said in the release.

Organisers plan to expand the field to 12 teams next year.