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Lancashire chief executive Jim Cumbes has backed the Twenty20 Champions League tournament.
The newly-created contest will award £2.5m in prize money to the winner.
Cumbes told BBC Radio Lancashire: "I think it's great for our domestic competition as it will certainly bring an edge to it.
"It is great news for the players [in the tournament] as well because there is an opportunity for them to be successful and earn some money."
The four major national governing bodies of England and Wales, India, Australia and South Africa have set up the eight-team event over 10 days.
The tournament will be held in India or the Middle East, starting in late September.
The financial rewards of the competition are unprecedented in English cricket, where the majority of counties make a loss and rely on funding from the England and Wales Cricket Board.
English cricket will be represented by the two finalists from the ECB Twenty20 Cup, which takes place on 26 July.
However, Lancashire's recent recruitment of former New Zealand batman Lou Vincent, who participated in the unsanctioned Indian Cricket League (ICL) earlier this year - could debar the county from representing England in the lucrative Twenty20 Champions League.
Lalit Modi, chairman of the ICC-sanctioned Indian Premier League (IPL) and a vice-president of the Board of Control for Cricket in India (BCCI), has claimed that any team fielding ICL players will be automatically disqualified from participating in the Champions League.
Lancashire start their Twenty20 campaign against Leicestershire at Grace Road on Wednesday (11 June).
Full commentary of Lancashire v Leicestershire can be heard on BBC Radio Lancashire 103.9FM, 95.5FM, 104.5FM, DAB digital radio and online.
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