According to the agreement, the Magpie Sports Group -- organisers of the ICL -- will be able to hold the franchisee-based Twenty20 tournament in Dubai for the next three years.
"Earlier, we were supposed to have an agreement for one year only. But now the ICC has agreed to extend the contract to three years," Magpie Sports Group Director Manish Kumar Choudhary told IANS.
Choudhary also lashed out at Board of Control for Cricket in India (BCCI) President Anurag Thakur for his statements against ICC Chairman Shashank Manohar.
"We are proud to have Shashank Manohar as ICC Chairman. The BCCI chief has criticised Manohar. We condemn the BCCI for giving statements against the ICC," Chaudhary, who is also the chairperson of the ICL, asserted.
To be organised on the lines of the Masters Champions League (MCL), the ICL's tournament format will comprise a total of 52 matches, including the two semi-finals and the final, with eight franchises playing six matches each in the league stage.
The price cap for the players has been fixed between Rs 1 lakh and Rs 20 lakh with the winning team taking home a purse of Rs 1 crore.
The teams that will feature in the inaugural edition are Delhi Badshah, Indore Rockets, Mumbai Star, Chennai Warriors, Hyderabad Riders, Bangalore Tigers, Lucknow Super Stars and Chandigarh Heroes.
But the proposed league has already run into problems, with the Federation of International Cricketers' Associations (FICA) cautioning cricketers against joining the league as it has not been approved by the appropriate authorities.
FICA is the global players' representative body that includes player associations from individual countries.
The Magpie Sports Group (MSG) deals in sports equipment and apparel and organises sports events.
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