Desmond Haynes is among the all-star backers of the Stanford project
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The Stanford Twenty20 tournament is set to become an official part of the Caribbean cricket calendar.
The West Indies Cricket Board is poised to sign a five-year agreement with billionaire founder Allen Stanford.
"We are just working through some issues, but it is imminent," said Stanford project manager Rhonda Kelly.
The deal will prevent a clash of dates and ensure there is no rift like the one in India, where a breakaway Twenty20 league was recently launched.
Stanford, a Texan who lives in Antigua, launched his own tournament last year, which was won by Guyana.
The second one, featuring 21 Caribbean nations, is due to take place from 25 January to 24 February next year with a total prize fund of $2.9m.
And the number of competing teams will increase in 2009 when Puerto Rico and the Dominican republic join the competition.
In July, Stanford announced plans to invest $100m (£49.6m) in West Indies cricket over the next three years.
"I have committed my resources and I believe that within the next three years, we will have a world-beating West Indies team again," he said at the time.
Dr Julian Hunte, the new president of the WICB, welcomed the new five-year agreement.
"We all recognise that to achieve our goals, which will result in the betterment of West Indies cricket, we need to work together and continue to have constant and open dialogue," he commented.
Former Test star Desmond Haynes, a member of the Stanford board, said he was impressed by Dr Hunte's positive approach.
"He has shown us he truly has West Indies cricket as his primary interest and we are all very heartened by his immediate desire to work together with us as a team," Haynes added.
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