Ponting's Australia have held the trophy since winning in 1999

Sixteen teams will play a total of 51 matches at grounds spread around nine different Caribbean nations, with the final in Barbados on 28 April.

Australia, winners in 2003 and 1999, start as favourites despite having lost five of their last six matches.

But BBC cricket correspondent Jonathan Agnew says it is the most open and unpredictable tournament in memory.

The teams are split into four groups of four in the first two weeks of competition, with the top two in each group going on to the Super Eight phase.

Each team will then play each other once - except the side they faced in the group stage - with the top four teams from the Super Eight progressing to the semi-finals.

Michael Vaughan's England side face New Zealand, Canada and Kenya in Group C, with their first match on Friday against the Black Caps.

If you get momentum in one-day cricket, it can take you a long way Michael Vaughan

And Vaughan is confident that his inexperienced side can surmount the problems that have dogged them in one-day cricket since the last World Cup.

"What we do have is a fighting quality which showed in the one-day games in Australia," he says.

"If you get momentum in one-day cricket and get things going your way and get your players used to the conditions, it can take you a long way."

Bookmakers rate South Africa, who have never even reached the final, second favourites at 4/1.

606: DEBATE I would have to say that India are the favourites after they destroyed the West Indies John

India, winners in 1983, and Sri Lanka, who beat Australia in the 1996 final, are also tipped to perform strongly.

Scotland will be playing their second World Cup after coming through qualifying, and start off against the Aussies on Wednesday in St Kitts & Nevis.

Ireland are making their World Cup debut.