ICC and BCCI finally agree on financial model

While the ICC has decided to do away with big three financial model which was implemented in 2014 BCCI was strongly in support of the big three model as they would have generated more revenue from that system. They had strongly opposed the new model in April but they failed to garner enough support for it to stay, but the two governing bodies have reached consensus now.

BCCI agreed with the ICC after the changes in the new financial model meant the Indian cricket board would get USD 112 million more than suggested in April meeting. The new sharing model was approved by the ICC board on Thursday in London during the ICC’s annual general meeting.

New financial model means greater equality in distribution of income of ICC

Under the new model, ICC will distribute it’s USD 1.776  billion with associates getting USD 240 million while full members will get USD 1.536 billion. Zimbabwe will get USD 94 million which was previously decided for them.

“The ICC Board unanimously agreed on a new financial model, thereby reversing the 2014 resolutions and giving greater equality in the distribution of ICC income. As such the revenue distribution for the cycle 2016-2023 will be as follows:

“Based on current forecasted revenues and costs, BCCI will receive $405m in the eight-year cycle, ECB $139m, Zimbabwe Cricket $94m and the seven existing Full Members $128m each. The Associate Members (together with Ireland and Afghanistan) will collectively receive funding of $240m,” the governing body confirmed through a media release.

This new model means loss of 4 USD million for the full member nations, while the associates have faced a cut of USD 40 million. These cuts and another 6 million which will be created through cost cutting measures are estimated to make up BCCI’s share. The revenue breakdown for the associate nations is yet to be finalised by the ICC.

ICC chairman thanks members for the support

“I would like to thank all ICC members for their commitment to changing the constitution for the good of the global game. This is the first step towards the ICC improving its governance and I believe that these changes will benefit all members and enable us to continue to grow the global game,” ICC Chairman Shashank Manohar said.

Earlier in April BCCI had suffered embarrassment on this issue when their proposal got no support. BCCI even threatened to skip Champions Trophy in protest but in the end, things have ended well for both the parties.