At last month's ICC meetings, the BCCI was outvoted 13-1 in its bid to halt the revised deal which considerably slashes India's share from global events in the 2015-2023 cycle. Photograph: (Reuters)
The decision came after a special general meeting on Sunday.
India confirmed their participation in next month's Champions Trophy in England and Wales on Sunday after initially delaying the announcement of their squad over a revenue sharing disagreement with cricket's governing body.
The dispute intensified when India did not submit a squad for the one-day international tournament by an April 25 deadline after the Board Of Control For Cricket In India (BCCI) failed to stall a new income model being adopted by the International Cricket Council (ICC).
"The Board unanimously authorised the acting honorary secretary of the BCCI to continue negotiations with the ICC in the best interest of the BCCI while keeping its legal options open," the BCCI said after a special general meeting.
"The BCCI... unanimously decided that the Indian cricket team will participate in the upcoming ICC Champions Trophy.
"The all-India senior selection meeting will be held tomorrow, May 8, in New Delhi to pick the team."
At last month's ICC meetings, the BCCI was outvoted 13-1 in its bid to halt the revised deal which considerably slashes India's share from global events in the 2015-2023 cycle.
Unimpressed by the $293 million forecast, down from the $570 million it would have received under a 2014 arrangement, the BCCI responded by refusing to name a squad for the June 1-18 eight-team competition.
The option to boycott the event by revoking the Members Participation Agreement (MPA) between the ICC and the BCCI had been gaining traction within the board prior to Sunday's meeting despite a number of former players opposing any withdrawal.
Acting BCCI secretary Amitabh Choudhary will now continue to negotiate with the world governing body to get a bigger share of ICC revenues during the next eight-year cycle.
The four court-appointed administrators, who currently supervise BCCI operations, however, instructed the board to ensure that the team continued their preparations to defend their title.
The top eight sides in the world rankings compete in the Champions Trophy with India winning the last edition in 2013.