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I've heard that ICC Champions Trophy 2013 will be the last Champions Trophy. Is it true?

If yes, what is the reason behind it?

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up vote 6 down vote accepted

Yes, ICC Champions Trophy scheduled to take place in England this year will be the last.

This was done mainly for two reasons:

  • There already is an ODI tournament, the World Cup, that features all major teams. Probably, the ICC felt that there is no need for another ODI global tournament.
  • There was no world tournament for Test matches. So it was logical that ICC scrap the Champions Trophy and create one for Test matches. In effect, ICC World Test Championship will replace Champions Trophy from 2017.

Source: ICC News - Cricinfo.

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