Cricket news: BCCI opposes ICC's new financial model; Indian cricket board stands to lose massive revenue

The Board of Cricket for Control in India is the richest board in world cricket, but the cash-rich institution may suffer some massive losses under the new financial model of the ICC. Though many cricket boards espoused the model, the BCCI voted against the new proposal.

New faces of the BCCI

In 2014 the BCCI, England and Wales Cricket Board (ECB)and Cricket Australia (CA) -- the 'Big Three' -- were accorded executive powers and revenue from ICC events, especially the BCCI. However, many boards were not happy with the revenue sharing model and the balance of power.

In the all-important meeting in Dubai, only the Sri Lanka cricket board and BCCI voted against the model. As per the new model, the BCCI will only get US$ 290 million from ICC revenues. However, the BCCI feels it should get around US$ 400 million under any financial model, reported ESPN Cricinfo.

The BCCI has been in the cross hairs of the Supreme Court before the honourable judiciary appointed a new committee of administrators for the cricket body on Monday. Vikram Limaye, the newly appointed member who represented BCCI in Dubai, expressed concerns about the new model. 

The BCCI also released a statement: "At the ICC Board meeting today in Dubai, there was an agenda item for discussion on a proposed new financial model and governance structure of the ICC."

The BCCI representative, Mr Vikram Limaye expressed his concern over both the documents especially in light of the insufficient time available to the Hon'ble Supreme Court-appointed Committee of Administrators to take an informed view on the said proposal, and also there being no scientific basis behind the percentage distribution allocation that was being proposed other than "good faith and equity".

The BCCI wanted to defer the vote, but the man behind the new proposals, ICC chairman Shashank Manohar, went ahead with it. Shashank said the details of the proposal will be refined for the final sign-off in April.

"Today was an important step forward for the future of the ICC and cricket around the world. The proposals from the working group to reverse the resolutions of 2014 and deliver a revised constitution and financial model were accepted by the ICC Board and now we will work collectively to refine the detail for final sign off in April. This also allows the new BCCI leadership appropriate time to appraise the detail and contribute," Manohar said.

"I want the ICC to be reasonable and fair in our approach to all 105 Members and the revised constitution and financial model does that. There are still details to work through and concerns to be addressed, but the principle of change is agreed and not for debate."

The world cricket governing body will pass the resolution during the ICC meet in April, and the BCCI will hope to get more boards on their side against the new model in the upcoming meeting.