ICC overcomes BCCI’s objection on the modified financial model
BCCI suffered a huge loss in the voting conducted on the new financial model and the governance changes put forward by ICC. BCCI was the only full member to raise objections against the new financial model devised by ICC. BCCI’s objection against governance changes also didn’t get much support as only two full members including India expressed dissent over the governance changes. Thilanka Sumathipala, who represented Srilankan board also voiced his disapproval on the governance changes and voted against the changes.
The financial model was passed with a vote of 9-1 where as governance changes were passed with a vote of 8-2. As per the new distribution financial model dictated by ICC, BCCI is likely to get 293 million dollars from 2016-2023. It’s a huge drop from 570 million dollars the board had received in the previous years, owing to the Big Three formula.
ICC’s decision to reduce the term of permanent membership in ICC board to five years did not impress India. As per the modified regulations set by India, there will be two types of memberships, permanent and associate memberships. India is also critical of ICC’s decision to divide the test cricket to two levels. Permanent members will have to renew its permanent membership in every 5 years where as associate members should renew it in every 2 years.
BCCI is reportedly looking to avenge the loss by pulling out of the Champions trophy. It has been speculated for some time that India might not participate in the upcoming Champions trophy after the fall out with ICC. With BCCI facing a huge loss in the voting, the chances of India participating in the Champions trophy look pretty slim.