MANILA, Philippines -- The East Asia Super League (EASL) on Wednesday announced that it has formalized multi-year partnerships with several of the top basketball leagues in the region -- including the Philippine Basketball Association.

Also formalizing their EASL tie-up are: Japan's B.League, the Korean Basketball League, Chinese Taipei's P.League, plus a seeded top Greater China team in Hong Kong SAR.

They will compete in a new pan-regional tournament that will follow a home-and-away format.

Bolstered by its 10-year agreement with FIBA, EASL will bring eight of Asia's best teams in the region's top leagues together every week, where they will compete for the top prize of $1 million.

• READ: East Asia Super League partners with FIBA to launch champions-league style joust
• READ: PBA in talks with East Asia Super League after FIBA agreement

The set-up will see the eight teams split in two groups of four, playing in a round-robin format.

Each team plays a home-and-away game in their group, for a total of 24 games set during the group stage that will take place from October 2022 to February 2023. Two EASL group games will take place every Wednesday night.

The top two teams in the standings from each group will then advance to the Final 4 and play in the sudden-death semi final and championship matches, scheduled for March 2023.

The PBA has previously said that it will join the EASL to "have stronger ties" with the other leagues in the region.

• READ: PBA joins EASL board to build 'stronger ties' with Asian leagues

The EASL has also tapped NBA stars Baron Davis, Metta World Peace, and Shane Battier as their brand ambassadors.

The league previously held large-scale invitational tournaments from 2017 to 2019, where PBA teams including San Miguel, TNT, Blackwater, and NLEX participated.