The governing body of the game, last week, abolished the ‘Big Three system’ and approved a new financial model after its meet in Dubai, under which the BCCI will receive 293 million dollars from 2016 to 2023. Based on the Big Three model, the board would have drawn an amount of $570 million due to the ‘Big Three’ formula. With the BCCI miffed by the whole development, ICC independent chairman Shashank Manohar had initially offered a compromise formula of an additional $100 million, which would push the BCCI’s share to close to $400 million. However, the Indian cricket board rejected the offer with a counter-offer under which it would still get it’s $570 million but no other full member’s share would be reduced.
As of now, nothing is clear yet and everyone is waiting for the Special General Meeting of the BCCI, scheduled on May 7, to conclude.
According to the new model, based on current forecasted revenues and costs, the BCCI will receive $293 million across the next eight-year cycle, the ECB will get $143 million, Zimbabwe Cricket $94 million and the remaining seven full members $132 million each.
Moreover, losing out on a major chunk of revenue from ICC is not the only loss that BCCI is going to suffer as it will also face huge loss through foreign exchange and other according to Cricbuzz. As per the report, the BCCI thinks that the financial loss being caused by the ICC’s newly-proposed policy model will lead to the state exchequer losing close to INR 2000 crore.
“It’s a loss to the government and it needs to be pointed out in absolute clarity. Not just the BCCI’s state units, even the Centre will lose money. It’s shocking how certain people are viewing this new revenue sharing model as a means of justifying hiked remuneration for countries like Afghanistan and Zimbabwe. We want to improve on our own infrastructure and some people want to go around distributing it to others,” an administrator was quoted as saying by the news outlet.
Meanwhile, the BCCI is yet to announce the squad for the ICC Champions Trophy as an act of defiance and reports are suggesting that India might also boycott the tournament.