It will include projects that create a regional infrastructure to promote artistes internationally as well as facilitate the production of a Sir Frank Worrell Autobiography video/DVD.
A panel, including writers Miriam Rice and Torrey Pilgrim, singer Betty Payne, Merton Hunter and Hasson Pereira, president of Ozomax Canada, and Michael Thompson, managing director of Spar 1 Music Management, made the announcement at a Press conference held at Worthing Court Hotel, Christ Church.
"The idea came when Michael thought to build on World Cup Cricket," said Pereira, promising that the agreement would include a completed project which would pay tribute to West Indies cricket legend Sir Frank Worrell.
"This project will include the restoration of his home. We would like to see the Sir Frank Worrell complex at Combermere in fine tune for the World Cup and also the Combermere Heritage Museum.
"So we see all this being embraced within the Sir Frank Worrell Foundation. The foundation goals are not limited to cricket and they are not limited to beyond the region because Sir Frank Worrell was a significant global hero," said long-time friend Pilgrim, adding it was the reason he responded to the project.
Thompson added that the Worrell project will "give something back to all the young cricketers, like scholarships".
He said that the contract included creating a sister company on the island, investing in a number of entertainers and a local company, as well as licensing and merchandising "pending that the ICC comes though with an agreement and a favourable answer to our bid".
"Our goal is to help, and support them financially under Michael's direction at Spar 1. We will put together the infrastructure that is required in the region to promote the artists," added Pereira.
Already on their way, Thompson confirmed they had acquired established record labels and obtained a cruise ship for the month during CWC 2007.
He said that the CWC 2007 project would contain two format packages. The first would feature three Super 8 matches and a tour of a Caribbean island, while the second would feature four Super 8 matches, one semi-final match, the final match and a tour of an island, possibly Barbados. (TM)