South Africa's new Global T20 league will go ahead, Cricket South Africa (CSA) pledged on Friday, but it is expected to lose money for the first two seasons.

No broadcast deal has yet been signed but CSA vice-president and acting chief executive Thabang Moroe said negotiations were well-advanced. “It is just a matter of agreeing the finer details,” he said.

Moroe said a deal in the region of $70-80 million was being sought, but admitted that CSA was expecting a net loss of about $25m, while franchise owners would lose about $1.5m in the first season.

Moroe and CSA President Chris Nenzani briefed reporters for the first time since last week's announcement of the departure of chief executive Haroon Lorgat, which media speculation linked to unhappiness over Lorgat's negotiations for the league.

Nenzani said: “We are working very hard to ensure the Global T20 league launches on November 3. The key issue is to get a broadcast deal on the table.” The league is planned as South Africa's equivalent of the Indian Premier League and Australia's Big Bash League.

Seven of the eight teams are foreign-owned and several leading international players as well as all South Africa's top players are committed to playing.

Moroe said owners had been consulted. “They are all committed to staying in the league and the owners are happy to accept there will be losses for the first two years.” Moroe said negotiations for a title sponsor were taking place but admitted: “Everything hangs on a broadcast deal. “