BCCI will still get the biggest share in the new revenue model of the International Cricket Council (ICC) despite a whopping cut made by the international cricket body. The ICC shall dole out USD 293 million for BCCI across an eight-year cycle.
In a major loss of face on Wednesday, the BCCI was out-voted in its opposition to the new model, which has ended up nearly halving India's share from the USD 570 million it was getting till last year.
The Board had rejected an additional USD 100 million offer from ICC Chairman Shashank Manohar, refusing to accept the new revenue model.
"Based on current forecasted revenues and costs, BCCI will receive USD 293 million across the eight-year cycle, ECB (England) USD 143 million, Zimbabwe Cricket USD 94 million and the remaining seven Full Members USD 132 million each," the ICC said in a statement.
"Associate Members will receive funding of USD 280m. This model was passed 13 votes to one," it added.
The decision came at the end of five days of ICC's Board and Committee meetings.
In addition to the revenue model, agreement on a new constitution to be put before the ICC Full Council was also reached. On this too, India had been out-voted in its opposition to dilute the 'Big Three' structure.
A revised constitution was approved by 12 votes to two. It will now be presented to the ICC Full Council in June for adoption.
"The constitution reflects good governance, expands on and clarifies the roles and objectives of the ICC to provide leadership in international cricket" the ICC stated.
The proposed constitutional changes includes among others, the potential to include additional full members in the future subject to meeting membership criteria.
It also calls for a removal of the affiliate level of membership for only two categories -- full member and associate member. Besides, the introduction of an independent female director and a deputy chairman of the Board was also approved.
The deputy chairman will be a sitting director elected by the Board to stand in for the chairman in the event that he or she is unable to fulfil their duties.
The new constitution also provides for equal weight of votes for all board members regardless of membership status.
"This is another step forward for world cricket and I look forward to concluding the work at the Annual Conference," ICC Chairman Shashank Manohar said.
"I am confident we can provide a strong foundation for the sport to grow and improve globally in the future through the adoption of the revised financial model and governance structure," he added.