Cricket South Africa (CSA) has announced plans for a new Twenty20 competition to be launched later this year.
CSA has partnered with broadcaster SuperSport, forming a new company, Newco, to accelerate plans to deliver a "world-class" tournament in November 2018.
The competition has no name as of yet, and replaces the postponed T20 Global League which was set to begin at the same time.
Failure to secure a television deal or a title sponsor saw the Global League delayed in October, with the CSA revealing it would subsequently incur a $25million loss.
CSA's acting chief executive Thabang Moroe said: "CSA is delighted to announce this equity partnership with our long-term broadcast partners SuperSport.
"We have put the problems we experienced with the proposed Global T20 League behind us and look forward to hosting the new competition."
Moroe describes the agreement as "the biggest [deal] in the history of South African domestic cricket, which will ensure the welfare of the game in South Africa."
The Global League was set to consist of eight privately owned teams based out of cities including Cape Town, Durban and Johannesburg. It remains to be seen if the new competition will follow a similar format.
