The IPL will pay USD 40 million to SLC as guarantee money they will forfeit due to cancellation of the England Test series.

This was decided at a recent meeting in India between Chairman and Commissioner of IPL Lalit Modi and Sri Lanka Players Association secretary Graeme Labrooy.

"An annual sum of USD 4 million for the next ten years from IPL would be given as guarantee money the SLC will forfeit due to cancellation of the Two-test series in England next year," a top SLC source told PTI.

SLC Chairman Arjuna Ranatunga had insisted on SLC getting these guaranteed funds for development of domestic cricket in Sri Lanka before reaching a compromise, sources said.

Ranatunga was concerned that while Sri Lankan players contracted to play for IPL were well rewarded, the SLC which was responsible for developing the game in the island nation was not benefiting out of it.

"Ranatunga has no problems in players getting paid well from the Indian tournament, but he feels the SLC should also have enough funds for developing the game in the country," the source added.

The meeting between Modi and Labrooy had also decided to release Sri Lankan players for next year's IPL which clashes dates with England tour.

"It has been decided to release the players for next year's IPL and send a full strength Sri Lankan cricket team to England for one-dayers beginning on May 27, 2009," the source said.

Twelve Lankan players -- Chamara Kapugedra, Mahela Jayawardene, Farvez Maharoof, Kumar Sangakkara, Chaminda Vass, Nuwan Zoysa, Muttiah Muralitharan, Dilhara Fernando, Ajantha Mendis, Chamara Silva, T M Dilshan and Sanath Jayasuriya -- are contracted with IPL franchises.

India has also agreed to resume a three-nation tournament involving India, South Africa and Sri Lanka in 2009 (venue not decided) and guaranteed the tri-nation series involving the same teams to be held in Sri Lanka in 2010.

Further during Pakistan's Test series tour of India early next year, the BCCI has agreed to include Sri Lanka for a tri-nation ODI tournament, the source said.