The West Indies Cricket Board had been forced to revoke their sanctioning of the game on Tuesday after London's High Court upheld Digicel's claim that the board's deal with Stanford had compromised their own sponsorship with the governing body.

That ruling had forced Stanford, who had wanted to find their own sponsors for the game, to the negotiation table after they had previously expressed their belief that the game was not an official West Indies match and therefore that Digicel had no sponsorship rights.

In a statement issued last night Stanford said: " Stanford 20/20 and Digicel held a series of extremely productive discussions during which they each committed to achieve a successful outcome for both their organisations and, most importantly, cricket in the West Indies.

"An agreement between Stanford 20/20 and Digicel has now been reached which assures the future of the Stanford Super Series and the Stanford 20/20 for 20."

The West Indies Cricket Board scheduled a meeting in St Lucia yesterday for the governing body's directors to ratify an agreement to allow the winner-takes-all $20m (£11.6m) match to go ahead.

And that meeting proved fruitful as the dispute which had put the series in jeopardy was finally resolved.

Sir Allen Stanford said: "I am pleased with both parties' solution-oriented approach and most importantly that this matter has been finally resolved.

"We look forward to welcoming fans from around the world to the Stanford Cricket Ground to enjoy a fantastic week of cricket."

Reports earlier yesterday suggested a "commercial agreement" had been reached after a trans-Atlantic telephone conversation between Sir Allen Stanford and Digicel boss Denis O'Brien.

Once an agreement was confirmed the WICB were able to give the game their sanction.

A century from captain Ricky Ponting, his first in India, helped Australia assume command on the first day of the first Test in Bangalore.

Ponting, adjudged leg before to Harbhajan Singh late in the day, hit 123 as Australia, who had chosen to bat first after winning a good toss, closed the day on 254-4.

Michael Hussey was four runs short of a half-century when stumps were drawn.

Zaheer Khan, who took the wicket of Matthew Hayden early, struck again with the second new ball to remove Michael Clarke, but Indian captain Anil Kumble was decidedly unlucky not to get among the wickets.

Ponting put on 166 for the second wicket with the unobtrusive Simon Katich (66).

Australia's captain then added 60 for the third wicket with Hussey before he was adjudged leg before while attempting to sweep Harbhajan Singh.

Yorkshire seam bowler Matthew Hoggard will play for the All-Stars team in next month's Hong Kong Cricket Sixes.

He will join a squad that includes West Indies batsman Shivnarine Chanderpaul, former Australia opener Justin Langer and ex-New Zealand captain Stephen Fleming.