The International Cricket Council Monday announced a new name and format for its biennial ICC Knock Out limited overs tournament, with the next event in September to be called the ICC Champions Trophy.

Teams from 12 countries will compete for a total of $1.15 million in the ICC Champions Trophy, previously called the ICC Knock Out and staged twice over the last four years in Dhaka and Nairobi.

The new format will see four pools of three teams rather than the straight knock-out basis of its 11-team predecessors. Each side will play two pool games followed by semi-finals between the winners of Pool 2 and 3 and Pool 1 and 4.

India will play in Pool 2 along with England and Zimbabwe. The winner of the tournament can earn up to $525,000 if it wins all its matches.

The final choice of the host country, match venue and fixtures will be announced after the ICC executive board meeting in Cape Town on March 16.

The pools: 
Pool 1: Australia, Bangladesh, New Zealand
Pool 2: England, India, Zimbabwe
Pool 3: Kenya, South Africa, West Indies
Pool 4: Holland, Pakistan, Sri Lanka.