New Delhi, Feb 28 (IANS) The inaugural World Cup for clubs will be held in India later this year, International Hockey Federation (FIH) president Leandro Negre said here Sunday.

Negre said the deal has been finalised with an Indian sponsor and the tournament will be held in India for the next five years.

'We are in the final stages of the plan. If the proposal is passed by FIH's executive committee, then we will have the tournament later this year by December,' said Negre on the sidelines of the World Cup at the Major Dhyan Chand National Stadium.

'We have got an Indian sponsor and according to the deal the tournament will be held in India for the next five years. Eight top teams from five continents will take part in the tournament and it will be held over the weekend from the quarterfinal stage.'

The former Spanish goalkeeper, however, said that for the World Cup to start it is very important to have an elected Hockey India (HI) soon.

'To hold such an event, we need to have an elected and an efficient HI soon. The World Cup will be a big boost for the development of the sport in the country,' he said.