The Stanford 20/20 is a new spin on an old game Allen Stanford

The competition, scheduled for July, will involve teams from 19 Caribbean countries and is part of a $28m (�16m) investment package for cricket.

Stanford has the backing of 14 former stars like Sir Garry Sobers, Sir Viv Richards, Clive Lloyd and Joel Garner.

"I don't want to reveal too much but I hope everyone will come out and see what we have in store," he said.

"This tournament is unique so many ways, not only because of the prizes up for grabs but also for the different elements that we are going to add to the game that will make it even more exciting."

Stanford, who is based in Antigua, is pulling out all the stops to ensure the competition attracts plenty of interest among Caribbean cricket fans.

He has set aside a $2.75m (�1.6m) budget for a marketin and promotional campaign and every match will be televised across the region.

The countries due to take part are Anguilla, Antigua & Barbuda, Bahamas, Barbados, Bermuda, Cayman Islands, Dominica, Grenada, Guyana, Jamaica, Montserrat, Nevis, St Kitts, St Lucia, St Maarten, St Vincent, Trinidad & Tobago, British Virgin Islands, US Virgin Islands.

Stanford is footing the entire bill for the tournament and there is a $1m (�575,000) prize on offer for the winning team, with $500,000 (�287,000) for the losing finalists.

West Indies legends shooting a TV commercial in Antigua

He also aims to set up a professional Super League in the region and arrange two $5m winners-take-all games games next year featuring a Caribbean Super Stars XI against "world-class" opponents.

His supporters hope his involvement can help the West Indies regain their former status in world cricket.

They dominated the game internationally from the mid-70s until the early 1990s but in recent years the Caribbean talent pool has dried up.

Since the retirement of pace bowlers Curtly Ambrose and Courtney Walsh, they have struggled to compete consistently at international level, despite the presence of batting star Brian Lara.

And although they won the ICC Champions Trophy in 2004, they have suffered a series of setbacks in Test cricket, losing 20 of their last 28 games, including a recent run of eight successive defeats, and winning only two.