A deal has finally been agreed for new European club rugby tournament to replace the Heineken Cup.

BT Sport and Sky Sports have struck a deal to broadcast the new three-tier format that has now been formally signed by all nine stakeholders on an initial eight-year agreement.

There will be three cross-border club competitions which will be called the European Rugby Champions Cup, the European Rugby Challenge Cup and a new competition which will be called the Qualifying Competition.

As expected, the new-look top-flight tournament will be a slimmed down 20-team format that will include the top six from both the French Top 14 and the English Premiership as well as the top seven from Pro-12, with at least one club from each country participating in the league.

The pool phase will be through five pools of four teams which will play each other home and away with the five pool winners and the 3 best runners-up all advancing to the quarter-finals.

The new tournament will be managed by a Board of Directors representing all the stakeholders.

The pool matches would be shared equally between both Sky and BT and they will show two quarter-finals each, one semi-final each and the final will be broadcast live by both.