The tournament was postponed in the wake of security fears following the terror attacks in Mumbai in which 195 people were killed.
The decision was taken by the league's governing council after consultations with the tournament's three founding board members - India, Australia and South Africa.
The 5 million dollar tournament was supposed to begin on Wednesday. Teams from England, South Africa, India and Pakistan are also involved in the tournament and a meeting is planned for December 8 to discuss potential dates for the contest.
James said the events in Mumbai had everyone ''left in tears''. ''The planned approach is a 12-month postponement,'' he was quoted as saying by the 'Sydney Morning Herald.
''So what that means is whoever the champion of the day is, they'll get to play in the next event.
''We're all out of pocket and there was no money floating around for anyone as a result of this, he said. ''(CA is losing) quite a lot,'' he said.
''It's millions of dollars. Again, this whole issue and all of the problems in Mumbai are bigger and greater than cricket. We fully understand that these things happen. Unfortunately that's how it is. There are a lot of people worse off than us,'' he added.