The ‘Champions League’ also known as the world’s richest cricket competition has been called off due to the aftermath of the Mumbai Terror.

According to IndianTelevision, the Western Australia Cricket Association (WACA) is planning to seek compensation from the Governing Council because of the cancellation.

Though WACA Chief Executive Graeme Wood has yet to be officially informed about the new schedule, he said they could lose as much as $2 million.

“If we had won the competition the association stood to make probably in excess of $2 million. And for the players it was a great opportunity not only financially but to get on the world stage, in particular some of the younger players,” WAtoday.com quoted Wood as saying.

“It certainly would have been very beneficial financially. We stand to lose a minimum $500,000. And if the team performed very well and we got into the top four and the top two, there was significant gains financially,” Wood added.

The first edition of the Champions League T20 was originally scheduled to be played in Mumbai, Bangalore and Chennai from 3rd to 10th December 2008, but was postponed in view of the terror attacks on Mumbai on 26th November.

In the UK, the matches were to be shown on Geo UK.