The scheme would regenerate competitive cricket in a third of the state schools by 2015, providing high-quality, sustainable cricket programmes based on continuous coaching, skills awards and competition.
Under the Presidentship of Mervyn King, Governor of the Bank of England, it seeks to raise 50 million pounds from both public and private funds.
King is supported by five Vice Presidents including NRI industrialist Lord Swraj Paul. The others are Lord MacLaurin, Sir Bill Morris, Mark Nicholas and Sir Tim Rice.
The ambitious scheme launched by the Cricket Foundation, the charitable arm of England and Wales Cricket Board, has already received a boost with over 4 million pounds being pledged.
This was possible through Allianz Cornhill committing as the first Official Commercial Partner. The Lord's Taverner is becoming an Official Special Partner and Sir Tim Rice is accepting the captaincy of The Patrons XI, which 'Chance to Shine' will be forming.
King said: "I believe that cricket can play a unique role in the education of children. It is the ultimate team game that reaches across boundaries of gender, race and class, offering opportunity to all - if given the chance."