Indian cricket board rejected the International Cricket Council’s (ICC) proposed new financial model as “arbitrary”.
The Board of Control for Cricket in India (BCCI) sent a letter on Sunday rejecting the model.
“The ICC is seeking to change the existing financial model without having any scientific formula or technical analysis behind the proposed changes,” the Indian BCCI said, reports The Economic Times.
In the existing model, the BCCI, England and Wales Cricket Board and Cricket Australia were to get a big share.
Where BCCI will get 20.3 per cent, ECB to receive 4.4 per cent and CA will take 2.7 per cent of ICC's revenues.
The surplus was to be divided among all member associations. So, the BCCI stood to earn over $500 million if the ICC were to secure $2.5 billion for the 2015-2023 rights cycle. Under the revised model, BCCI’s share would have come down to $260 million across eight years.
Vikram Limaye, member of the Supreme Court appointed Committee of Advisors (COA) to BCCI, wrote to ICC Chief Executive Dave Richardson emphasizing that the BCCI will have the option to exercise its rights under the Members Participation Agreement (MPA) between BCCI and ICC Business Corporation, if ICC adopts new constitution and financial model.
Sources in BCCI said that the board has full support of the COA on the matter and it can take legal recourse if ICC violates MPA that assures benefits to member nations who compete in the ICC tournaments from 2015-2023.
“The proposed new ICC constitution and financial model will, if adopted, entitle us to exercise certain rights under the MPA and avail remedies under applicable law,” the letter reads.
“We trust the ICC will reconsider the proposed new ICC constitution and financial models in light of provisions of the MPA so that we do not have to consider exercising our rights and remedies in relation to the MPA, which are expressly reserved. Please communicate our stand to ICC for information and necessary action."
Last week, Shashank Manohar, the first independent chairman of ICC, suddenly relinquished his position. Manohar was driving the new financial model at ICC.
But he was facing resistance from BCCI on the new constitution, which would have reworked the revenue sharing among the different boards, reducing share of big three – BCCI, Cricket Australia and England and Wales Cricket Board (ECB).