The Champions League Twenty20 tournament has been officially discontinued and this year's tournament, scheduled to feature the Perth Scorchers and Sydney Sixers in September, cancelled.

The competition was a joint venture between Cricket Australia, Cricket South Africa and the Board of Control for Cricket in India and had run for six years since its launch in 2009. It had pitted the top teams from each nation's domestic twenty20 competition against each other in a high-stakes tournament.

However, dwindling fan interest forced caused issues for the host broadcaster, India's Star Sports, resulting in a rethink that has led to the tournament's cancellation.

The decision could impact heavily on last season's KFC Big Bash League champions Perth Scorchers and runners-up Sydney Sixers, with the financial implications yet to be resolved.

BBL|04 winners Perth Scorchers had qualified for the CLT20 // Getty Images

The lure of a Champions League spot had placed extra emphasis on each season's semi-final and CA is concerned about the lack of context for the BBL with no follow-up tournament.

While there will be no CLT20 this year, Cricket Australia's Executive General Manager Operations, Mike McKenna, left the door open for some form of T20 competition to played.

"We still believe there is genuine value in this concept," McKenna said.

"That may require different thinking and a fresh approach, but we are committed to exploring new opportunities to deliver on the original objective of the Champions League which was to provide further context and meaning for domestic T20 competitions around the world and opportunities for players to experience high-level competition in a different environment.

"There is an established period of time to stage an event of this nature in September and October of each year, and it is about identifying a model that works for the long-term."

Brad Haddin said winning the CLT20 was a career highlight // Getty Images

WACA chief executive Christina Matthews said the Scorchers were naturally disappointed to miss the opportunity to play another CLT20 but "understand the commercial realities".

"We are confident that the Scorchers operate one of the most professional and extensive programs in the country and this decision will not affect the team's preparation in targeting a third-consecutive Big Bash League championship.

"As a club, we will work through any administration issues with the appropriate tournament representatives and look forward to continuing our build towards BBL|05."

Sydney Sixers CEO Dominic Redmond said the club would now review its strategy after focusing its recruiting efforts around a tournament that no longer exists.

"As a club, we have built our roster around being very competitive at this level, contracting players whose service we miss during the BBL, with the intention of having a world-class team at the Champion's League," said Redmond.

"We will now have to review our strategy and focus on wining BBL05 and some silverware for our members and fans."

The Sixers are the only BBL club to have won the Champions League, going through the 2012 tournament undefeated, thanks largely to 14 wickets at an average of 12.35 from Mitchell Starc and seven wickets at miserly economy rate of just 4.7 from Josh Hazlewood.

Starc was leading wicket-taker in the 2012 CLT20 // Getty Images

The New South Wales Blues also won the very first CLT20 in 2009 before the franchise format of the BBL was introduced.

The IPL's Chennai Super Kings (2010 and 2014) and Mumbai Indians (2011 and 2013) are the other clubs to have won the title.

BCCI secretary Anurag Thakur said the winding down of the joint venture between the three governing bodies would be completed soon.

"Unfortunately, off the field, Champions League T20 wasn't sustaining the interest of the fans as we had hoped.

"This decision was made after consultation with all our commercial partners and meeting the contractual obligations of all parties involved.

"Further details associated with winding down the league including settling with the three nations that had invested time and effort in the competition, will be completed very soon."