MIAMI (Reuters) - The West Indies Cricket Board are to sign a five-year deal allowing the Stanford Twenty20 competition to become an official part of their calendar.

The deal ensures that the Twenty20 tournament, a private initiative financed by Texas billionaire Allen Stanford, enjoys the blessing of Caribbean cricket authorities and avoids any clashes with other competitions.

Bermuda played in last year's inaugural event. They will also play in next year's tournament in Antigua, having been handed a tough draw against last year's champions Guyana.

An agreement also avoids the risk of a rift such as the one in India where authorities say they will ban players for participating in a private Twenty20 league.

The deal involves a $1 million per year payment from Stanford to the WICB for franchise rights, Stanford project manager Rhonda Kelly said yesterday.

"We are very close to the deal being signed, we are just working through some legal issues but it is imminent," Kelly told Reuters. WICB president Julian Hunte said in a joint statement issued by the two parties that regional cricket stood to gain from the agreement.

"We all recognise that to achieve our goals, which will all result in the betterment of West Indies Cricket, we need to work together and continue to have constant and open dialogue," said Hunte.

Guyana won the inaugural competition, featuring 19 teams, in 2006 and there will be two more sides in the 2008 edition with the addition of Cuba and Turks and Caicos.

The Stanford organisation have created a full-time professional Twenty20 team in Antigua and hope to have three more such outfits in place for the next tournament which is slated for late January.

The agreement would ensure that players signed up to a 'pro-team' are free to play for West Indian representative sides and for individual national sides.

"It is mutually beneficial as it will create a full-time talent pool," said Kelly.

The winners of the 2008 competition will receive $1 million in prize money.