Leicestershire could now be playing more Twenty20 cricket this summer © Getty Images

The first 20 over-a-side international club tournament is set to go ahead at Grace Road, the home ground of Leicestershire, after the ECB gave clearance for the event. Despite being knocked out in the semi-finals of the Twenty20 on Saturday, Leicestershire are expected to be one of the sides taking part.

BBC Sport has reported that one other English county will take part along with a South African side, a World XI as well as Indian and Pakistani teams. The Professional Cricketer's Association would also produce a Master's XI.

An ECB spokesman told BBC Sport: "It's not an official ECB competition but we have no objection at all to it going ahead." The ECB hold the rights to the "Twenty20" branding so a small change of title will be required for this new tournament.

The venture is being organised by Investors in Cricket (IIC), the consortium which is now in charge of running Leicestershire. They are keen to tap into the huge Asian market in the area and also aim to take this club version of the game to other countries in the near future.