It was intended to be the premier Twenty20 league in the country, held by Sri Lanka Cricket, when it replaced the Inter-Provincial Twenty20 competition.

In May 2011, Sri Lanka Cricket announced a new franchise-based Twenty20 tournament in the country, modelled on the Indian Premier League.

However, the Board of Control for Cricket in India refused to let the 12 Indian players selected in the tournament participate.

[5] Furthermore, allegations of corruption and incompetence by SLC and its handing over of the organisation to a previously unheard of Singapore-based Somerset Entertainment Ventures put the tournament in serious jeopardy.

[8] In February 2012, SLC signed a renewed deal with Somerset Entertainment Ventures to hold the tournament in August 2012 at Colombo and Kandy, with the seven teams as originally planned.

[12] In June 2012, the seven provincial teams were changed to seven franchises, owned by private backers like the IPL and BPL.

SLC Chairman Upali Dharmadasa announced plans to add two more franchises in the following years in other regions.

The top four ranking sides progressed to the knockout stage of semi-finals followed by a final at R. Premadasa Stadium, Colombo.

SLC chairman Upali Dharmadasa announced in July 2012 the SLPL planned to expand with the addition of two more teams in 2013, with all nine Sri Lankan provinces represented in the league.

But after the 2012 franchise system was adopted, a draft was organized and a lottery held to determine the order in which players were picked.

The SLPL mascot was Silva the lion, who was unveiled by the brand ambassadors, the Sri Lankan musicians duo Bathiya and Santhush.

SLPL's international broadcast partners were Asian Television Network in Canada, ESPN3 in the United States, United Kingdom and the Caribbean, and ESPN and STAR Sports in Sri Lanka, India, Bangladesh and Geosuper in Pakistan, as well as other countries in South and South East Asia.