Peter Moores has insisted no sentiment will be shown when he picks the side for England's £10million T20 challenge.

Every member of the winning side in Antigua on November 1 will receive around £500,000, while another £500,000 will be shared between the other members of a likely 15-man squad and £500,000 split among coaching staff.

The losing team will receive nothing, although the remaining £3.5million will be divided between the ECB and the West Indies Cricket Board.

The match - branded '20/20 for 20' because of the amount of prizemoney in US dollars - will be the first of a series of five to be played over as many years.

It is a match which promises previously untold riches for international cricketers for what amounts to three hours' work.

Players will undoubtedly be under intense pressure, as will coach Moores in selecting the final XI.

But Moores claims his selection policy will remain constant and will pick his best side regardless of sentimentality or seniority.

"The fact that it's worth more money doesn't matter, you still use the same judgement to pick the side," stressed Moores.

"When you're selecting any team, you pick the best team you think can win the game for England at any given time.

"The challenge of picking the best Twenty20 squad is out there for us. For the Twenty20 World Cup we picked specialists and we took some information from that and we've got that to draw on when we pick the next Twenty20 teams.

"We've got limited opportunities before the World Twenty20 next year in England so the best players will be picked to play that game.

"There will be no messing around, it will be the best team to win the game. You can never be sentimental when you're picking a team.

"It has to be the best team you can play whether it's for the Test match or a one-day international."

Moores' hard stance almost certainly ends any hopes Test captain Michael Vaughan may have had of getting in on the pay-day by forcing his way into England's Twenty20 side.

Yet despite the massive contribution Vaughan has made to English cricket, which included the stunning 2005 Ashes triumph, Moores appeared to have little sympathy for his plight.

"As a professional sportsman you're brought up knowing that you're rewarded differently as you go through," explained Moores.

"We've got players in the England team who are earning more than others by nature of endorsements and things like that so I don't see that this is any different.

"We will be selecting the best 11 cricketers to play in that game and if you're one of those cricketers, you will then have the chance to earn a special pay-day."

Today's launch was given the showbiz treatment befitting a match boasting the richest team prize for a single sporting event.

Stanford arrived at the ground by private helicopter, landing on the Nursery Ground square, and was greeted by excited officials from the ECB, notably chairman Giles Clarke and chief executive David Collier.

The American was accompanied by notable names from West Indies cricket history including Desmond Haynes, Curtly Ambrose, Richie Richardson, Sir Viv Richards and Sir Everton Weekes.

And if that was not glamorous enough, the 20million US dollar cash prize fund was dragged onto stage in a see-through crate guarded by security guards.

"It will be a different sort of pressure for all the players. It is such an exciting time to be involved in the game," continued Moores.

"In modern sport you realise that players get paid differently and you get paid for what you earn the right to, it's quite a ruthless business."

Stanford, who has been bankrolling a local Twenty20 tournament in the Caribbean since 2006, had previously approached both South Africa and India but was rejected on each occasion.

But he is delighted to have finally reached agreement with England, stressing: "The winner goes home happy, the loser goes home unhappy.

"We had to create something that had never been done before to take cricket in the Caribbean to a professional level, we have not been running our sport in a professional level."

He added: "I don't think I'm giving it [the money] away. I'm investing it in cricket's future in the West Indies. We're in a bit of a trough and I want to do everything I can to bring it back up. I'm doing the best I can."

But for all the excitement surrounding the new event, Stanford admitted he was yet to be sold on the longer format of the game - underlining fears many purists have for the future of Test cricket.

Asked about Test cricket, he admitted: "I find it boring, but I'm not a purist.

"Sir Garfield Sobers loves Test cricket, sees it as a fine art. You have to compare it to what you have at Lord's, that fine old building [pavilion] was built many centuries ago and that is Test cricket.

"If you look at that eye in the sky [the media centre] that is Twenty20. Test cricket is where Twenty20 comes from and Twenty20 is the future."

Stanford is also set to back a new annual quadrangular Twenty20 tournament in London involving England, West Indies and two other sides. Negotiations are still ongoing and an announcement is expected later in the summer.