England's answer to the Indian Premier League (IPL) will not be a radical option of nine city-based franchises, but a more conservative two-division structure involving 20 teams. To sprinkle a little stardust, England's centrally contracted players will be involved, along with a significantly increased number of overseas signings.

Confirmation of an English Premier League (EPL) represented the most significant change to the new county schedule to take effect from 2010. It will also include a separate Twenty20 League and a 50-overs competition, but the existing two-division County Championship may be reduced from its present 16 matches.

Although the leaked plan of David Stewart, the Surrey chairman, and Keith Bradshaw, the MCC chief executive, which estimated first-year profits of almost £50million, was rejected by county chairmen yesterday, their ideas for generating “new” money from investors will be taken up by David Collier, the ECB chief executive.

Instead, the EPL, scheduled for June, will comprise all 18 counties, plus two teams from overseas, which are likely to be established domestic sides such as Victoria Bushrangers, the leading team in Australia. English teams may play in 20-overs events overseas as part of a reciprocal arrangement.

Promotion and relegation will apply and there are plans for a finals weekend, during which the leading second division teams play off for spots in the top tier, followed on the Sunday by games to determine the first division champions. Results in the Twenty20 Cup next year will decide who goes into which division in 2010.

The extension of overseas players will be debated in the weeks ahead. One option is to match the IPL allowance of four in the first division, with three in the second. The idea of a draft system has been mooted, but there is also strong support for counties continuing to engage players directly.

Within the ECB, there was suspicion at revenue projections submitted in the Bradshaw/Stewart plan, which estimated an annual income of £85million through media rights, sponsorship and match-day revenue. Their schedule had 54 games plus semi-finals and a final compressed into 25 days.

Giles Clarke, the ECB chairman, said: “Broadcasters are not interested in city-based sides. If you told people in Lancashire that they had to support Manchester, then, charming as that city is, it may not appeal to people from Liverpool or Bolton.”

Talks on refreshing the Twenty20 format, which was born in England in 2003, began long before the notion of “New Twenty20” and Collier, who is trying to finalise details of the Champions League with India, Australia and South Africa, said that the ECB has “received enormous broadcast and sponsor interest from around the world”.

The success of the tournament - and value of broadcasting deals overseas - is sure to be enhanced if the ECB can reach agreement with the Board of Control for Cricket in India over the release of its leading players, with the quid pro quo that England players will be allowed to feature in the IPL.

The prominence of the EPL will mean that international summers are likely to be split between a two-match Test series preceding the new competition and a five-Test contest afterwards. Audiences will therefore see more of the box-office attractions.

In return, England have agreed a programme of five Tests and three one-day internationals on their next tour to South Africa, in 2009-10. Series will continue to be played for the D'Oliveira Trophy, in honour of the player who forged a career with England after being barred from first-class cricket in South Africa during apartheid.

The casualty of the new structure is the Pro40 competition, which Ken Schofield recommended should be scrapped in his report after the Ashes whitewash of 2006-07. Twenty20 will be spread longer over the season, with a league involving the 18 counties taking place primarily on Friday nights from July to September, forming the basis for qualification to the Champions League.

Plans will be finalised over the next two months or so, but suggestions that the County Championship should adopt a conference-style format have been rejected.

How it works

* The English Premier League will include 18 first-class counties and two teams from abroad

* They will be split into two divisions, with promotion and relegation of two or three teams

* A finals weekend will determine first division champions and promotion

* The competition will take place in June, with counties playing five home games and four away

* Number of overseas players to be determined

* The Twenty20 League, for all 18 counties, will run mainly on Friday nights in July, August and September

* The top two will qualify for the Champions League

* A 50-over competition will continue, perhaps based on the Friends Provident Trophy

* Four-day, two-division County Championship will continue — possibly with fewer than 16 games

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