The Sri Lanka Premier League has undergone a significant structural change, adopting a franchise system, with teams coming under private ownership instead of the SLC's control, and a draft system for those franchises to pick their players.
The changes were announced yesterday by Sri Lanka Cricket, which also started the tender process for the franchise system.
The SLC would have owned all seven teams had the tournament gone ahead as planned in 2011, but private commercial interest in owning teams has led the board to change its stance.
The reserve price for the franchises has been set at $3 million and the teams will be leased for an initial period of seven years, following which the franchisees will need to sign a fresh agreement.
The tender process closes on June 25 and the bids will be opened the same day and the teams awarded to the highest bidders.
The seven provinces that will form teams are Basnahira, Kandurata, Nagenahira, Ruhuna, Uthura, Uva and Wayamaba.
Each franchise will have an icon player, two of whom will be foreign players, and teams will be allowed a maximum of 18 players, out of which six can be foreign players.
Teams will be allowed play a maximum of four foreign players per game.
Out of the remaining seven players in the XI, one must be a Sri Lanka Under-21 international.
SLC had signed a new deal with Somerset Entertainment Ventures to hold the league on May 5.