Saudi Arabia’s SRJ Sports Investments plans to pump $500-million (R9-billion) into an eight-team T20 cricket league inspired by tennis’ Grand Slams.

According to The Sydney Morning Herald, SRJ Sports Investments – headed by former A-League CEO Danny Townsend – is in ongoing discussions with the ICC.

“The concept has been secretly in the works for a year and is the brainchild of Australian Neil Maxwell, the former NSW and Victoria all-rounder who manages Australian captain Pat Cummins and is a former board member of the Australian Cricketers’ Association and Cricket NSW,” the newspaper said.

The T20 league would reportedly be played in four different locations worldwide each year and not clash with any current T20 franchise tournament.

It also aims to create a new revenue stream to support struggling Test nations outside of the ‘Big Three’ and help save Test cricket.

“While players would be well compensated, the global league has been drawn up aspirationally as a way to establish an alternative revenue source beyond cricket’s established funding model,” the newspaper added.

“Under that system, member nations receive income from broadcasters and ICC distributions, but it is weighted heavily in favour of the game’s superpower India and to a lesser extent Australia and England, leaving small countries struggling for financial viability.”

Saudi Arabia already invests heavily in LIV Golf and Formula 1, and will host the 2034 Fifa World Cup.