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The Indian Cricket Board (BCCI) on Wednesday formally announced that the Champions Twenty20 [Images] League will be held in India in September-October but were still undecided on the fourth participating country in the event.

IPL Commissioner Lalit Modi, Cricket Australia [Images] CEO James Sutherland, Cricket South Africa [Images] CEO Gerald Majola, IPL CEO Sunder Raman and ICC's [Images] principal advisor I S Bindra held parleys to decide on the event.

• ICC objects to Champions League

Two top domestic teams from hosts India, Australia and South Africa will be seen in action in the tournament, which will be held from September 29 to October 8 and a final decision on the fourth country will be taken later.

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

• BCCI decline ECB invite

The finalists of the inaugural edition of the Indian Premier League [Images] -- Chennai Super Kings [Images] and Rajasthan Royals [Images] -- will represent the Indian challenge.

Considering that India's first Test match against Australia in the home series is scheduled for October 9, a day after Champions League concludes, it remains to be seen how the Indian players like skipper M S Dhoni [Images] cope with the situation if Chennai manages to reach the final.

• Sachin to make Bollywood debut

Originally the tournament was to be held in England [Images] but the bitter bickering over BCCI's reservation about presence of rebel ICL players in English counties and other issues forced BCCI to change the venue.

The England Cricket Board is now trying to launch its own version of Champions League in Sharjah.