Calcutta: The Board of Control for Cricket in India (BCCI) on Wednesday formally announced that the Champions Twenty20 league will be held in India from September 29 to October 8, but were still undecided on the fourth participating country in the event.

Altogether eight teams, clubbed into two groups, will vie for the honour in the $6 million tournament.

The teams will play 15 matches in the inaugural version. After the preliminary league matches, top two teams from each group will qualify for the semis and their winners will clash in the final.

The finalists of the inaugural edition of the Indian Premier League — Chennai Super Kings and Rajasthan Royals — will represent the Indian challenge.

IPL commissioner Lalit Modi, Cricket Australia CEO James Sutherland, Cricket South Africa CEO Gerald Majola, IPL CEO Sunder Raman and ICC’s principal advisor I.S. Bindra held parleys to decide on the regulations, the business plan, the governance model and the commercial aspects relating to the League.