India’s emergence as the financial powerhouse of world cricket was established once again with IPL franchise owners set to buy all six teams in South Africa’s new T20 league.

The inaugural edition is scheduled to begin in January next year. Sources told The Telegraph that Mumbai Indians, Chennai Super Kings, Sunrisers Hyderabad, Rajasthan Royals, Lucknow Super Giants and Parth Jindal of Delhi Capitals have successfully bid for the franchises in South Africa.

CSK is learnt to have bid successfully for the Johannesburg franchise, Mumbai Indians took the Cape Town franchise, Sunrisers the Port Elizabeth franchise, Royals the Paarl team and Lucknow bagged the Durban franchise. Delhi Capitals co-owner Jindal won the Pretoria franchise. Former South Africa captain Graeme Smith will be the commissioner of the T20 league.

A formal announcement of the franchise owners will be made later this month. “I’m extremely honoured to be entrusted with leading this exciting new venture,” Smith said. “I’m deeply committed to South African cricket and happy to serve the game as best I can. I’m excited by the opportunity to deliver the new league, which I believe will be an extremely competitive product, one that can bring the much-needed investment into the game and provide new opportunities for players around the world and more importantly to our home talent.”