Cricket Australia approved an IPL-style league but conceded the eight-team event would not be able to rival the financial gloss of the Indian Twenty20 tournament.
After the board meeting in Melbourne, chief executive officer James Sutherland said CA were amenable to private ownership in the expanded Big Bash League from 2011-12 season but finalising the terms would take more time.
Local media reports claimed Indian companies were eyeing minority stakes in some of the teams, while Sutherland said the new league would not vie with the glitzy $US 4 billion IPL.
