The cricket landscape in India will undergo a major transformation with the announcement of two new and innovative Twenty20 Leagues, with total prize-money of about Rs 35 crore, the highest ever in the game's history.

Challenged by the rival Indian Cricket League, which has weaned away 70 Indian cricketers for a Twenty20 tournament, the Board of Control for Cricket in India responded by disclosing on Thursday that it will organise a Champions Twenty20 League with prize-money of US $5 million (approx Rs 22 crore), and Indian Premier League (IPL), which will carry prize-money of US $3 million (approx Rs 13 crore).

Legendary spinner Shane Warne [Images], who rejected an offer from the ICL, has already confirmed participation for the Champions Twenty20 event, which will feature two top teams from India, Australia, England [Images] and South Africa in its inaugural edition.

Warne's ex-teammate Glenn McGrath has also aligned with the league as its brand ambassador. The retired fast bowler was present at the press conference, which was also attended by former New Zealand [Images] skipper Stephen Fleming [Images].

The announcement of the cash-rich ambitious leagues was made by BCCI vice-president Lalit Modi at a crowded press conference, in New Delhi, where the top brass of the ICC [Images] and several Test-playing nations were present.

Indian stars -- captain Rahul Dravid [Images], Sachin Tendulkar [Images], Anil Kumble and former skipper Sourav Ganguly [Images] -- added a touch of glamour to the event by sharing the dais along with former New Zealand captain Stephen Fleming and former Australian pace spearhead McGrath.

Giving details of the league, Modi said the IPL will be held in April 2008, while the Champions Twenty20 League will be played in the first week of October 2008.

Modi said the format of the leagues has been drawn from Major League Soccer and NBA in US and all the eight participating teams will be independent franchisees.

"These franchisees will get marketing rights and also a share in the centralised revenue, which is yet to be decided. They will also be entitled to local revenue, like ticket sales," Modi said.

"Each franchisee will get one home ground and will have to commit to building stadiums at their base," he added.

Modi said each team will have 16 players, of which four would have to be from the place the team is based.

"For instance, if a franchisee is based in Delhi, then the team will have to comprise four Delhi players," he said.

The league will be run by a BCCI governing council, which will have Modi as its convener.

Former BCCI president I S Bindra, former captains Sunil Gavaskar [Images], Ravi Shastri and Mansur Ali Khan Pataudi, BCCI vice-president Rajiv Shukla and Chirayu Amin are members of the council.

"The governing council will hire premises to play the matches. It will hire a marketing team, managers and lawyers to run the league. It will also take care of the allcoation of commercial rights," Modi said.

On the BCCI's role in the running of the league, Modi said, "The board would provide officials for the league, guarantee exclusivity to the franchisees. If, say, a team is based in Delhi, then we will make sure there is no rival side in Noida."

The IPL, spread across 44 days, will have 59 matches, to be played under floodlights. The league will have two divisions -- Intra Division and Inter division. While the intra division matches will be played on weekends, the inter division games will be held on weekdays.