The tournament is temporarily scheduled to be held between August 10 and August 31, just ahead of the ICC World Twenty20 that will be held in Sri Lanka in September.

Sri Lanka Premier League (SLPL) signed a five-year deal with Somerset Entertainment ventures to organize the event. The event was to be initiated previous year in 2001 but the Sri Lankan board was forced to postpone the tournament after the BCCI refused to allow its players to participate at the last minute, causing a delay in the naming of the final composition of the teams and affecting overall preparations for the event.

The new deal has addressed the concerns raised by the COPE report and has been cleared by the office of the Sri Lankan attorney general. The format of the tournament remains the same. Seven teams will play in this premier league format followed by semi-finals and finals. Most of the matches would likely be played in Colombo and Kandy.