The new trophy has been created in honour of two of the greatest cricketers to have played the game.
The board also informed that from the next series onwards, the two teams will resume their longstanding rivalry for the new 'Richards-Botham Trophy', named after two of the greatest cricketers in the history of the game - Sir Vivian Richards and Sir Ian Botham - whose "friendship embodies the close relationship and mutual respect between the two sides".
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"The Wisden Trophy, first introduced in 1963 to commemorate the hundredth edition of the Wisden Cricketers’ Almanack, will now be retired and will be displayed at the MCC Museum at Lord’s where it has traditionally been kept," added the ECB in a media release.
"The title honours Sir Vivian Richards, one of cricket’s greatest batsmen who scored more than 8,500 runs in a 121-Test career, and Sir Ian Botham, the legendary all-rounder who scored more than 5,000 runs and took 383 wickets in 102 Tests."
"Fierce competitors on the pitch, the pair developed a great friendship off it which still endures, and the new trophy is a fitting way to celebrate the warm relationship between the nations and to honour the gladiatorial spirit of contests past and present," the release states.
Richards thanked cricket boards from England and West Indies for the honour, saying "I am delighted to know that the game that I have shown my love for since a little boy is naming such a prestigious award in recognition of what I managed to achieve as a cricketer."
"When I had the opportunity to go to England and represent Somerset, one of the first persons I met was Ian Botham, who would later become of one my best friends. We are friends for life."
"To have this trophy – West Indies vs England – named in honour of our work on the cricket field is great. What I think is also remarkable is that it says a lot about our relationship off the field as well," added the batting legend, whose flamboyant style remains etched in people's memories.
"We were competitors on the field, but we showed we were brothers off the field. I’m proud to have my name on one side of the trophy with him on the other side."
On his part, Botham acknowledged how difficult match-ups versus the Calypso Kings were during his illustrious career, especially those featuring his friend Richards, "the finest batsman I ever played against".
"He’s a great friend but we’ve always been competitive, not least when we were on the cricket field, and there was no one else’s wicket I would treasure more," added one of the game's finest all-rounders.
"Playing the West Indies was always one of the toughest tests in cricket, and it’s an honour for this trophy to bear our names. I hope future series will be just as exciting as the one we’ve all been enjoying this summer."