Could Shane Bond be playing in New Zealand's version of the IPL? © Getty Images

New Zealand Cricket could be the latest organisation to jump on the Twenty20 bandwagon by arranging its own 20-over tournament similar to the IPL. Reports are circulating that the board could try to bring some of its star players back into the fold with the competition.

Twenty20 has captured the minds of the public, and NZC's chief executive Justin Vaughan told 3 News he believes there is huge potential for the format to do well in the country. "There is real value in a trans-Tasman competition, with say two New Zealand teams, five Australian teams and possibly one from south East Asia somewhere."

The move also found favour with the Players Association. Heath Mills, their representative, said: "We'd like our administration to be involved, let's involve North America, Asia, and Hong Kong, get them in our competition that would be the only way to match the revenue we see overseas."

Two Australian teams, Western Australia and Victoria, are already committed to yet another tournament, the proposed Twenty20 Champions League, after coming first and second in their domestic competition.

Mills also hoped the New Zealand players who have signed up with the ICL would be allowed to play in the home Twenty20 tournament. "All those players would love to play international cricket, New Zealand is very dear to them. We need to work out a way they can do both."