Cricket can now compete with other sports as potential future careers, insists Giles Clarke, the chairman of the ECB.

But cricket's landscape is changing with the advent of the lucrative Indian Premier League and the prospect of a multi-million pound prize for a one-off match in Antigua funded by Texan billionaire Sir Allen Stanford.

That was followed by weekend announcements of a £2.5million prize for the winners of a new Champions League tournament while England's Test players stand to share £2million a year in prize money if they are successful in their four Test series a year.

It adds up to a millionaire lifestyle for the most successful players and Clarke is hopeful it will make the game more attractive to youngsters as a result.

"There hasn't been prize money for a county competition ever of this nature and I very much hope that it's starting to develop a situation where our county and international players can earn huge rewards from choosing cricket as a career," said Clarke.

"I hope that will influence young boys and their parents that cricket can be a financially attractive career as well as a highly enjoyable experience.

"We're moving immensely fast as a game. The game has changed in terms of remuneration and opportunities for players beyond all recognition over the last nine months and I would argue for the better.

"It must be right that our players can receive significant rewards if they are outstanding players and if they're successful, but it's a path we need to go down with care."

The biggest concern about the changing landscape is how it will affect first class cricket as a breeding ground for future Test cricketers with counties expected to put greater focus on success in Twenty20 cricket as a route to the greater riches of the Champions League.

But Clarke, England captain Michael Vaughan and New Zealand captain Daniel Vettori are strong supporters of the first-class ethic and believe that should remain sacrosanct in the game.

Clarke said: "There's no desire anywhere to devalue the nature of the county championship - it remains at the moment as the competition they all want to win.

"But I fully accept this change in prize money in terms of what you can win may well have an impact and it's something we're going to have to think about."

Vaughan is equally concerned, stressing: "My only fear is it (Twenty20) will become the ultimate competition because it is such a carrot at the end of the summer.

"Counties might start developing the Twenty20 team as the ultimate importance, rather than the four-day team, and that is my only concern."

Vettori, who played in the IPL before arriving in England for the current tour, remains equally supportive of Test cricket and believes there is too much support for the longer form of the game for Twenty20 to take over completely.

"I hope Test cricket doesn't suffer," said Vettori. "I'm only speaking from a personal point of view but it's my favourite part of the game.

"It's the hardest part of the game and the most rewarding. You never hurt as much from a one-day loss or a Twenty20 loss the same as you do in Test cricket.

"Test cricket for a lot of guys around the world is the most important but we have to acknowledge that there are forms of the game that are coming into it and if we can find a window then hopefully that will sort out everyone's problems."