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2012, the WICB announced that they had finalized an agreement with Ajmal Khan[7
] founder of Verus International,a Barbados-based merchant bank, for the funding
of the new franchise-based Twenty20 league to be launched in 2013. It was then
expected that the new Caribbean Premier League was likely to comprise six Caribb
ean city-based franchises as opposed to the current territorial set-up with the
majority of the players are to come from the West Indies. As part of the agreeme
nt, the WICB will receive additional funding from Verus International for additi
onal retainer contracts for players in addition to the 20 annual retainer contra
cts the board currently funds.[8]
Dates for the tournament were confirmed for the 2013 Caribbean Premier League as
29 July to 26 August. The 2014 and 2015 tournaments are planned to take place f
rom 5 July to 10 August and 21 June to 26 July respectively.[9]
Format[edit]
Six teams competed in the first CPLT20 tournament in 2013
Jamaica Tallawahs, Tri
nidad and Tobago Red Steel, Barbados Tridents, Guyana Amazon Warriors, St. Lucia
Zouks, Antigua Hawksbills. The CPL T20 tournament is played between six teams a
nd is divided into a group stage and a knockout stage. In the group stage, the t
eams each play ten matches overall, three of which are at home. This unusual for
mat occurs because all six teams are co-located at a single playing site for fiv
e sequential matches of the tourney, then the whole tournament moves to a new lo
cation for five more games (and so on). Six stadiums are used (see Venues below)
, each a home field for one of the teams. The playoff stage includes two semi-fi
nals and a final to determine the winner of the tournament. All three of the eli
mination playoff games will be played at Queen's Park Oval.[10]
Salary cap[edit]
As of April 2014, the Caribbean Premier League's salary cap is $350,000.[11][12]
Teams[edit]
The tournament includes six franchises with 15 contracted players each, includin
g a maximum of fo