Former Australia captain Steve Waugh is among the franchise investors in a men's European T20 tournament set to be played by city-based teams in Ireland, Scotland and the Netherlands later this year.

The six-team European T20 Premier League (ETPL) was meant to launch in 2025, but the event was postponed because the sales of the participating franchises were not completed in time.

However, deals have now been agreed for three of the franchises with two separate groups of investors from Australia and one from New Zealand. One of those is led by Waugh, who is heading up the Amsterdam Flames, which is backed by a consortium that includes former Australian field hockey player Jamie Dwyer and Australian businessman Tim Thomas.

The Flames have already signed high-profile Australia internationals Steve Smith and Mitch Marsh as two of their overseas players.

Waugh, 60, said he was "fascinated" by the opportunity to "take the global game of cricket to continental Europe". "I'm not signing up to a Mickey Mouse T20 competition. This is the real deal," Waugh told BBC Sport. "I wouldn't be lending my name to it, or bringing my knowledge, if it wasn't. The players we've spoken to are very keen to play in this league."

Bollywood actor and film producer Abhishek Bachchan is a part-owner of the ETPL in conjunction with Rules Sport Tech, a private Indian company. BBC Sport understands the franchises were sold for £11.1m ($15m) over a 10-year period.

Teams will have a total salary budget in the region of £1.1m ($1.5m) per season, with the inaugural tournament set to start on 26 August. The league is being run in collaboration with the cricket boards of Ireland, Scotland and the Netherlands. It has been sanctioned by the International Cricket Council, who see it as a useful base for the broader development of cricket in Europe.

Bachchan said that, with "the quality of players signing on," everything about the tournament "will be world class". "We are all primed and ready to go but the true hard work starts now," Bachchan added. "We are very confident of the stakeholders we have on board and expect the ETPL will establish itself in the global ecosystem of franchise tournaments."

Glenn Maxwell and his brother Daniel are among the investors in the Belfast-based franchise, which is expected to be called the Irish Wolves. The franchise consortium includes Rohan Lund, former chief executive of one of Australia's largest roadside assistance networks.

The Edinburgh franchise, set to be called the Castle Rockers, has been sold to a consortium from New Zealand. Ex-Black Caps internationals Kyle Mills and Nathan McCullum - the elder sibling of England coach Brendon McCullum - are the main backers.

Deals for the remaining franchises in Dublin, Glasgow and Rotterdam are anticipated to be completed by the end of February. Two of those are likely to be sold to Indian backers, with a source telling BBC Sport at least one Indian Premier League (IPL) franchise is keen to add a side to its global portfolio.

The tournament is set to clash with England's Test series against Pakistan, which rules out multi-format players such as Harry Brook, Jacob Bethell and Jofra Archer. But with the 2026 edition of The Hundred scheduled to run from late July to mid-August any England players with white-ball contracts would, in theory, be available to participate.

England begin a T20 series against Sri Lanka on 15 September. The ETPL is set to overlap with the Caribbean Premier League, which is scheduled from 15 August to 22 September. It will also clash with a block of County Championship fixtures that are due to be played from 20 August.

Any centrally-contracted England players who wish to take part would require a No-Objection Certificate (NOC) from the England and Wales Cricket Board. County-contracted players just on white-ball deals would be free to play with an NOC given there is no clash with The Hundred or The Blast.

ETPL squad sizes are yet to be formally agreed but it is understood at least seven players must be from Europe. The majority will be drawn from Ireland, Scotland and the Netherlands but the pathway is likely to be open for players from other Associate nations.

Cricket Ireland chair Brian MacNeice said the ETPL is a "crucial step forward in the development and growth of Irish cricket," while Cricket Scotland chief executive Trudy Lindblade said it was a "groundbreaking opportunity" for Scottish cricketers.

Those who have long waited for such a league to get off the ground in Europe could be forgiven for being measured in their anticipation until the first ball is bowled. After all, last year's postponement of a competition that was set to run through the summer months was just the latest setback in a story that dates back to 2019 with its forerunner the Euro Slam.

Back then, the first attempt was delayed just two weeks before the first game was to take place, all at a time when franchises had been established and a player draft had already taken place. Both the Covid-19 pandemic and later search for investment scuppered subsequent attempts to launch.

Even with big names attached this time, the fight to ensure buy-in will be tougher here, an issue that will feel all the more acute given the high-wire act of staging even international cricket without the requisite permanent venues. Also, given three of Ireland's six T20s during the home summer of 2025 were lost to the rain, cynics will likely point to weather in western Europe come September as a potential stumbling block too.

The benefits for players, however, are clear. Lack of exposure to top-level cricket has often been cited as an issue that is hampering international progress while, certainly in Ireland, the lack of any cricket at all was the dominant discussion point throughout last year. For all the scepticism, those involved will feel this a big swing they must take.