According to the rules of the new league, potential owners must submit "an Expression of Interest," and "a formal bid."
The CSA will then evaluate the bids before announcing the team owners. The entire process will continue till March 3.
"Our vision is to drive the creation of a new #T20 destination league in South Africa that would energise the sport of cricket in South Africa by creating a global platform for the best-in-class to perform and showcase their talent to a global audience," Nenzani said in a statement.
"We have received a very favourable response to our plans from the ICC and Member Boards and look to their support in our endeavour. We now look forward to another exciting chapter in the evolution of South African cricket and to the whole game benefiting from our new #T20 Global League," he added.
Calling it a "landmark day" for the board, Lorgat said: "Early feedback from the marketplace suggests that there is tremendous interest in our Global Destination League from around the globe."
"This new #T20 Global Destination League offers great opportunities for investment in South Africa and South African cricket, and we are excited by the number of local and international superstars that will feature in the league."
"We are also confident that the window we have chosen will make it possible for franchises to attract top class players to South Africa," he added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.