NZ set to cash in on revenue changes

New Zealand will get an increased share of world cricket’s revenue after the International Cricket Council’s board voted to pass a new financial model that removes the control India, England and Australia had on the game.

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.

New Zealand, Australia and six other full members of the ICC will get US$132 million each over eight years, based on current forecasted revenues and costs. India will get US$293m and England $143m, while Zimbabwe will receive US$94m.

Under the Big Three model, NZC would have made between US$80m-$85m for the 2015-2023 rights cycle, so the increase is significant.

With the change signalled earlier, New Zealand Cricket chairman Greg Barclay said last month the extra funds would certainly be welcome.

‘‘It would just enable us to do those few things that we can’t afford to or wouldn’t take a risk on at the moment.

‘‘You’ve got to be careful not to spend it before you’ve got it but as an example we would be able to invest in A programmes, do more youth and development stuff and I certainly think the women’s game would benefit at the level below the White Ferns.’’

The new measure was passed by 13 votes to one, the governing body said after 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 their revenue share cut by almost half, Reuters reported.

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 will 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,’’ he said.