The Bangladesh Cricket Board has accepted an offer of approximaely $51million from Indian firm Game On Sports Management for six editions of a Twenty20 competition, the BCB said on Monday.
The Indian Premier League-style Twenty20 tournament, named the Bangladesh Premier League, will be launched in February with six franchises.
The BCB picked Game On from three Indians firms who had submitted a financial offer to run the competition last month.
The offer from Game On is $10million more than the next best offer from Solutionz Unlimited, BCB spokesman Jalal Yunus said.
"Initially Game On will deposit the proportionate amount of guaranteed money for two seasons to our account," he said after an emergency BCB meeting.
Twenty20 cricket is becoming increasingly popular in Bangladesh since neighbouring India launched the IPL four years ago.