ESPN Star Sport have paid nearly $1bn for commercial rights for 10 years

Asian broadcaster ESPN Star Sports has paid nearly $1 billion (�572m) for the commercial and marketing rights to the inaugural Twenty20 Champions League.

The huge sum secures the rights for the next 10 years.

"This makes the Twenty20 Champions League the highest value cricket event on a per game basis," said organisers.

The event begins on 3 December, with �3.4m prize money on offer for the eight teams, including Middlesex, but the venue is yet to be decided.

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The tournament will feature two teams from Australia, India and South Africa as well as England Twenty20 domestic champions Middlesex and Pakistan's Sialkot.

The Australian, Indian and South African boards will jointly organise the Champions League and plan to expand the field to 12 teams next year.