World champions Australia are among four international teams invited to play in a Twenty20 series for a winner-takes-all prize of US$20 million although the man behind the idea accepts issues still remain.

The event is the brainchild of Allen Stanford, the Texan billionaire, who is also hoping to include Sri Lanka [Images], India and South Africa in the week-long tournament proposed for June 2008.

The four countries would contest a knockout event with the winners facing the Stanford Super Stars, an all-West Indies XI comprising the best players from the inter-island Stanford 20/20 Tournament, due to be staged in Antigua early next year.

Stanford has dubbed the series "20/20 for 20 million" but it is subject to approval from the West Indies [Images] Cricket Board (WICB), the International Cricket Council (ICC [Images]) and broadcast network ESPN, which has a broadcast agreement with the ICC.

The Texan made the announcement in Antigua but conceded there are "issues to deal with", adding: "Working with the WICB has not been the most harmonious of relationships. There are some minor issues with the ICC..."

His proposed $5 million match between the Stanford Super Stars and South Africa fell through last year after wranglings with the WICB.

When asked for a reaction by Reuters on Thursday, an ICC spokesman said he is not in a position at present to comment.

Stanford has also announced he is giving West Indies cricket $100 million over three years with most of the funding going towards grassroots development.