This tournament will be contested by 12-a-side teams featuring six forwards and six backs, rather than rugby union’s standard 15, and founders believe it can bring £250 million ($344 million/€291 million) of financial growth to the sport, as well as attracting a new global fanbase.

The laws will mainly follow those of the 15-a-side game, although halves will last for just 15 minutes rather than 40.

Conversions will also be taken as drop goals, while only one scrum reset is permitted, followed by a free-kick.

Infringements at scrums will be penalised by a differential penalty that cannot be kicked at goal.

World 12s is planned to start in England in August 2022, with a women’s tournament launching and a move across different locations from the following year.

The women’s tournament will be played alongside the men’s from 2023, with 2022 now being a World Cup year following this year’s postponement in New Zealand.

Founders are looking to offer equal prize money for both World 12s competitions.

The inaugural men’s tournament is set to feature 192 players from tiers one and two rugby nations, with each of the eight franchises selecting 24 players at an auction, similar to the draft system.

As part of this, all teams must select a minimum of two players from tier two nations and one international under-20s player "to help boost the development of the global game".

The teams will contest a round-robin prior to a knockout stage, in which a golden point will decide the winner if the match is tied.

Ian Ritchie, the former chief executive of England’s governing body the Rugby Football Union, is the chairman of the World 12s Board, and explained the concept of the new competition.

"World 12s is a natural evolution for rugby union," he said.

"We feel that this is a game for our changing, fast-paced world that can excite a global fan base in the way that we have seen with the IPL or most recently The Hundred in cricket.

"In bringing together the most exciting players under the stewardship of some of the brightest rugby minds with commercial backing, we are looking to propel rugby forward and lay a positive roadmap for how the game is perceived for future generations.

"Early and informal discussions with World Rugby, unions, clubs and player associations have been constructive, and in announcing today we can continue our consultative conversations and collaborations with the relevant stakeholders."

The former New Zealand Rugby chief executive Steve Tew and ex-chairman of Welsh Rugby Union Gareth Davies also feature on the World 12s Board as non-executive directors.

Tew described World 12s as "a new, innovative, fast flowing, and exciting concept, but one that remains authentic to rugby’s roots".

It has been supported by two former Rugby World Cup-winning coaches in New Zealand’s Steve Hansen and South Africa’s Jake White, who are both serving as World 12s ambassadors, and has been backed by a UK-based financial consortium.

World Rugby responded to the World 12 launch in a statement, and said further consultation would be required.

"We are aware of the proposed new World 12s competition," a spokesperson for the global governing body commented.

"While we welcome innovative thinking with the potential to advance the reach, attractiveness and growth of the sport, comprehensive consultation with the organisers is required to understand the viability of the concept, particularly in the context of ongoing global calendar discussions and the priority area of player welfare."