"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," said a top SLC source.

The IPL is scheduled from April 10 to May 25. "The proposed two Test-match series against England that was to be part of the tour will be cancelled but this is subject to approval by the England and Wales Cricket board," the source added.

This followed a meeting held in India recently between Chairman and Commissioner of IPL Lalit Modi and Sri Lanka Players Association secretary Graeme Labrooy.

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.

Meanwhile, the Champions Twenty20 League, also headed by Modi, has agreed to pay USD 40 million to the cash-strapped Sri Lanka Cricket for sending its team for league matches for the next 10 years.

An annual sum of USD 4 million for the next ten years from the organisers of Champions Twenty20 League would also make up for the guarantee money the SLC will forfeit due to cancellation of the Two-test series in England next year.

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.