Stanford first became involved in Caribbean cricket last year

The Texas businessman, who lives in Antigua, is determined to bring cricket in the region into the 21st century.

"We are stuck in the 1950s and 60s. We can't allow ourselves to stay stuck forever," he commented.

Part of the investment will fund the second Stanford 20/20 tournament, which will feature Cuba for the first time as one of 21 competing Caribbean nations.

Funding will be provided to each team to enable them to prepare for the tournament, along with Puerto Rico and the Dominican Republic, who are expected to make their debut in 2009.

606: DEBATE Is this great news for West Indies cricket in general?

The Stanford 20/20 will take place from 25 January to 24 February next year, with the winning team collecting $1m from a total prize fund of $2.9m.

"I have committed my resources and I believe that within the next three years we will have a world beating West Indies team again.

"The Stanford 20/20 and the professional league we are creating are going to be the instrument that brings about that success, the catalyst that takes us back to the glory days of West Indies cricket," Stanford commented.

I have said over and over that this region has the best cricket players in the world Allen Stanford

He admitted that he hoped to make a profit on his investment in time, but insisted: "As you can tell from these plans, we are in this for the long haul."

Stanford added: "I have said over and over that this region has the best cricket players in the world. We just need to harness this talent, steer these players in the right direction, reward their efforts and raise the standard of professionalism all around.

"Only then will we see the success that we have been hoping for. Let's partner together and make it happen."

Last year Stanford handed over $28m (£16m), which funded the first 20/20 tournament, won by Guyana.

Plans for a $5m winner-takes-all match between a Stanford Super Star XI and South Africa came to nothing because of a scheduling conflict with the West Indies tour to Pakistan.

This time, he has already has several Caribbean governments on board to support his proposals for developing grass roots cricket and establishment of a professional league.

"We want them to buy into this proposal and grasp our vision for West Indies cricket," said former West Indies fast bowler Reverend Wes Hall.

"I feel we have accomplished this and the future of cricket is bright."