Cricket South Africa (CSA) confirmed the league, which had attracted a number of the sport's top players, would not be held this year as planned.

It is thought the lack of a broadcast deal and title sponsor were the main reasons behind the decision, taken following a joint CSA and Twenty20 Global League meeting.

According to British newspaper The Times, Supersport has been earmarked as the chosen South African broadcaster of the new tournament.

Discussions between the parties involved remain ongoing but it is believed the rights might be sold off at a cheaper price than initially required.

Acting CSA chief executive Thabang Moroe, who took up the role following the resignation of predecessor and chief negotiator of the league Haroon Lorgat, had previously warned of the potential losses the league could incur.

"We have not come to this decision lightly," Moroe said.

"Having discussed it with all our stakeholders including the franchise owners, we believe that the interest of the league should be our first priority. 

"We have re-assessed our strategy and believe that postponing the first edition of the T20 Global League to next year will serve us well."

Tony Irish, the chief executive of the SACA, called on players who have signed contracts to compete in the league, which has been due to include eight privately owned teams and was scheduled to begin next month, to be compensated following the postponement.

"At this stage we’re unsure of exactly what a postponement means other than the fact that it’s clear the league will not take place this year," Irish said in a statement.

"We will be seeking clarity from CSA on the further implications.

“This has a very significant impact on a large number of local and overseas players, all of whom have signed contracts to play in the league. 

"Some players turned down other opportunities in order to commit themselves to these contracts. 

"We will be looking at all implications of this for players, including what compensation should be paid to them.

“SACA is well aware of the fact that this will also affect various other groups including franchises, coaches and stadium owners. 

"I think it will be necessary for CSA to appoint its own independent review into what has actually transpired here as there are significant implications across South African cricket.”