Saudi Arabia is going to take a giant leap into franchise cricket with a whopping $500 million investment in a new T20 league. The league, as per reports, will consist of eight teams and have a novel format that is like a tennis Grand Slam, with games played in four venues during the course of the year.

Supported by Saudi Arabia's SRJ Sports Investments

The league is being backed by SRJ Sports Investments, founded by former Australia's A-League CEO Danny Townsend. Talks over the project have been ongoing for a year between SRJ Sports Investments and the International Cricket Council (ICC), according to reports.

The concept was first devised by Australian Neil Maxwell, an ex-cricketer and celebrated player manager. He now manages Australian captain Pat Cummins, and has been a board member of the Australian Cricketers' Association and Cricket NSW, too.

Aiming to Fix Cricket's Bigger Challenges

The primary objective of this league is to address some of cricket's most pertinent issues, primarily issues regarding the future of Test cricket outside of the domination of India, Australia, and England.

Although leading players will be paid generously, the league has been created as an additional source of revenue for cricket-playing nations. Presently, money in cricket is largely dictated by broadcasting contracts and ICC distributions that have a heavy bias towards India, Australia, and England. Smaller nations usually get into financial trouble, and this league is set to introduce a more equitable financial model.

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How Will This League Fit In?

If sanctioned by the ICC, the tournament will take place in available windows, so it does not conflict with other T20 leagues such as the IPL and BBL.

The new league will include:

• New franchise clubs, located in traditional cricket countries as well as growing markets
• Men's and women's competitions
• A traveling format, supplementing current domestic leagues instead of competing with them
• A final potentially held in Saudi Arabia

No Official Confirmation Yet
Although there are reports that this league has been under discussion for a year, Neil Maxwell and Danny Townsend have said nothing on the matter.

With this ambitious venture going ahead, the future of world cricket could be turned upside down, making smaller countries more financially stable while giving fans yet another thrilling T20 tournament.