The England and Wales Cricket Board (ECB) has announced that Friends Provident, the financial and pensions company will become the new title sponsor of the domestic one-day knockout competition.

The Friends Provident Trophy, as it will be known from 2007 until the end of the 2009 season, is being supported by the FTSE100 company to the value of £2m. The tournament was formerly known as the Cheltenham & Gloucester Trophy.

As a 50-over competition, it is the only domestic tournament which replicates the conditions and format of international one day cricket.

A change to the structure for 2007 will see semi finals played following the prelimary conference rounds, before the final at Lord's.

John Perera, commercial director of the ECB said: ”Friends Provident has been a supporter of cricket through their partnership with the Test Match grounds for some time now and I am pleased that they have become a major domestic competition sponsor.”

Simon Clamp, managing director of marketing and UK distribution, at Friends Provident, added: “We're proud to be sponsoring such a prestigious competition. This is a great opportunity to build on existing involvement with international cricket and we are looking forward to building a long and mutually beneficial relationship with the ECB.”

Photograph: Sean Ervine in action in the 2005 C&G Trophy Final www.actionplus.co.uk