The Board of Control for Cricket in India stands to lose $277 million revenue under the new cricket structure. Photograph: (Reuters)
The shake-up amends the ICC's constitution and financial structure so that revenue is more equitably distributed among members
Cricket's global governing body has received a thumping mandate from its members to proceed with a broad restructure aimed at curbing the dominance of the "Big Three" - Australia, India and England.
The sweeping changes were passed in a vote during a meeting at the International Cricket Council (ICC) headquarters in Dubai, the governing body said in a statement Thursday.
"This model was passed 13 votes to one," the ICC said in a statement.
The Board of Control for Cricket in India stands to lose $277 million revenue over the next eight years under the changes, with more flowing to minor Test nations and associate members like Ireland and Afghanistan. The restructure was agreed to in principle in February by the majority of Test playing nations - including England and Australia - but India opposed the proposal.
"A revised constitution was also approved by 12 votes to two," it said, adding the changes would be put to the ICC in June for adoption.
The shake-up amends the ICC's constitution and financial structure so that revenue is more equitably distributed among members and less power is concentrated in the hands of the "Big Three".
It reverses a much-criticised ICC decision in 2014 to relinquish more control to Australia, England and India, the world's most powerful cricketing boards.
Despite India's opposition to the reforms, it was a former BCCI boss who was instrumental in pushing through the changes.
ICC chairman Shashank Manohar, who was asked by the council to defer his resignation last month to see the reform package through, declared it "another step forward for world cricket".
"I am confident we can provide a strong foundation for the sport to grow and improve globally in the future through the adoption of the revised financial model and governance structure," he said.
The BCCI is clearly unhappy with the latest restructuring as media reports have been speculating for weeks that India might pull out of the Champions Trophy to be held in the UK between June 1 to 8th to protest against ICC's latest move.
The tug of war between the ICC and BCCI over financial matters has often seen long, protracted battles fought in boardrooms which have sometimes spilled out in the open, however, this time the ICC along with its other members have clearly outmanoeuvred the world's richest cricket body.