LONDON: India’s share of world cricket revenues was increased from $293 million to $405 million yesterday, under a new deal agreed among other wide-ranging reforms at a meeting of the game’s global governing body in London.
The deal came after India protested a decision in April to divide revenues more equitably among members of the International Cricket Council (ICC) - a move which would have cost the Indian board a large chunk of its funding over the next eight years.
In the new model, England will receive $139 million, while Australia, Pakistan, the West Indies, New Zealand, Sri Lanka and Bangladesh $128 million and Zimbabwe $94 million.
The associate members along with Ireland and Afghanistan, the two newly-promoted full members who were awarded Test status yesterday, will collectively receive funding of $240 million.
India had threatened to withdraw from the Champions Trophy that began in England on June 1 unless the revenue-sharing deal was restructured.
The deal drawn up in April was aimed at curbing the dominance of cricket’s wealthiest nations - India, Australia and England - with more money flowing to minor Test nations and associate members.
“The ICC Board also unanimously agreed a new financial model, thereby reversing the 2014 resolutions and giving greater equality in the distribution of ICC income,” said a release, terming the revenue distribution cycle between 2016-2023.
ICC chairman Shashank Manohar, former BCCI chief, called it the “first step towards the ICC improving its governance”.