ICC votes to ditch ‘big three’ funding model

MUMBAI: The International Cricket Council’s (ICC) board has voted to pass a new financial model that will reverse a 2014 decision which effectively put India, England and Australia in control of the game’s finances and administration.

Under the new financial model and governance structure, the split of revenues from the ICC for the years 2016 to 2023 will be altered to address the imbalance currently favouring the three boards.

The measure was passed by 13 votes to one, the governing body said in a statement yesterday after its meetings at its headquarters in Dubai.

The Indian cricket board (BCCI), according to local media, was the only one to oppose the new financial model, which would see its revenue share cut by almost half.

Based on current forecasts for revenues and costs, the BCCI would now receive $US293 million ($NZ425 million) across the eightyear cycle, down from the $US570 million it would have received under the 2014 arrangement.

The ICC said the England and Wales Cricket Board would be the secondbest earner with $US143 million, Zimbabwe would receive $US94 million, while the remaining seven full members would get $US132 million each in the new model.

A revised constitution, which will allow the ICC to include additional full members in the future, was also approved by 12 votes to two. The decisions would have to be ratified at the ICC’s annual conference in June.

ICC Chairman Shashank Manohar, who has been critical of the ‘‘big three’’ model, welcomed the vote.

‘‘This is another step forward for world cricket and I look forward to concluding the work at the annual conference,’’ former BCCI chief Manohar, who will step down in June for personal reasons, said. — Reuters