The long-running saga of the European T20 Premier League took a new twist yesterday with news that three of its six franchises — in Amsterdam, Edinburgh and Belfast — have been sold to Australian investors.

After six failed attempts to get the ‘Euro Slam’ off the ground, it seems the tournament may finally take wing in late August, with such credible backers as former Aussie captain Steve Waugh involved in the latest iteration.

The three franchises have reportedly been sold for up to USD 15 million each which sounds an enormous sum until it’s realised that figure is spread over 10 years, with no allowance for inflation, and is half the valuation that was floated only last year.

And where else would the announcement of a such a grand European venture be made than in front of Sydney Harbour Bridge, the iconic setting for the world’s most spectacular New Year’s fireworks.

But with such luminaries as Waugh, Glenn Maxwell, ‘The Big Show’ who will captain Belfast, Steve Smith, MItchell Marsh and New Zealand skipper Mitchell Santner publicly supporting the tournament, this time it may not prove a damp squib.

Cricket Ireland will certainly hope so as they ‘own and operate’ the joint venture, along with Rules Global.

Brian MacNeice, who is both Chair of the ETPL and chairman of Cricket Ireland knows that the potential return from a successful launch will go some way to compensate for the expected reduction of ICC funding after the next round of TV rights negotiations.

"The launch of the ETPL is not only a landmark occasion for European cricket, but is a crucial step forward in the development and growth of Irish cricket,” MacNeice said.

“Since gaining Full Membership, we have made steady and sustainable steps forward as a sport in Ireland — but over the next few years we are set for an enormous leap.”