The decision was taken at a meeting of the three founding member boards - the Board of Control for Cricket in India, Cricket Australia and Cricket South Africa, according to a release here.
Modi, who had been the guiding force beind the DLF IPL, was the Vice president of the Board of Control for Cricket in India and President of the Rajasthan Cricket Association. Under his astute and enterprising leadership since 2005, the BCCI's revenues has increased seven-fold.
In the August 2008 issue of the leading British sports magazine Sports Pro, he was ranked number 17 in the Power List of Global figures connected with sports. He was also featured on the cover page of the magazine in its July issue. Modi is further hailed as the Best Rain Maker (money maker) for any sports body in the history of sports globally.
In the short time that he has been a sports administrator he has raised over USD four billion for his organisation.
The inaugural US Dollar Six million Champions League Twenty20 season will be held from December 3 to 10, 2008. Eight teams, consisting of the reigning winners and runners-up from the domestic Twenty20 competitions in India, Australia and South Africa, plus the winners of 2008 Twenty20 championships (to be held in October 2008) from Pakistan, and the reigning Twenty20 Cup champion from England, Middlesex, have been invited to contest the 2008 Champions League Twenty20.
The tournament will be contested by 12 teams in year two between September 25 and October 10, 2009.
The prize money of USD six million, will be shared between the teams and their players. The Governing Council of the event together with its founding cricket boards believes that the significant prize money to be shared by teams and players will ensure that the benefits of the event will foster cricket's development, by injecting new funding into domestic-level cricket and at the same time will handsomely reward domestic-level cricketers and provide a unique opportunity for a higher public profile for players at the level below international cricket.