Stanford confirms lucrative 20/20 plan

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Texan billionaire Stanford confirmed agreement had been reached with the England and Wales Cricket Board to stage the first of what will be a series of matches in Antigua on November 1.

The match has been billed as '20/20 for 20' - with all the 20million US dollars prize money going to the winning team and ECB chief executive David Collier said at the launch: "It will be one million dollars for each of the players in the 11 in the match, if they win."

Stanford said: "It is one night, winner-takes-all 20 million dollars. The winner goes home happy, the loser goes home unhappy."

The ECB began discussions with Stanford, backer of the Caribbean Twenty20 competition, as they looked for ways to better exploit the growing popularity of the game's shortest format.

The development follows the successful launch of the Indian Premier League and the announcement of a new Champions League tournament for teams from England, India, Australia and South Africa.

Collier added: "It is a wonderful opportunity. It is wonderful to have such a warm endorsement from Sir Allen and it is testament to what we have been trying to do in the game."