The finance model received a 9-1 vote in favour, while the governance structure was passed by an 8-2 margin.
BCCI received a major blow on Wednesday as the new constitution of International Cricket Council (ICC) moved a step closer as Full Members outvoted the Indian board for reforms in the financial and governance model. BCCI was the only member to reject the new financial model and was one of the only two countries to vote against the new governance changes. The finance model received a 9-1 vote in favour, while the governance structure was passed by an 8-2 margin.
Although the majority was overwhelmingly in favour of the new ICC constitution, it will be approved formally only after being ratified at the annual conference in June.
In the new financial model, the BCCI's share of the ICC revenue was only $293 million, a little more than half the amount the Indian board wanted. Apart from the BCCI, the Sri Lanka Cricket was the other board member to oppose the governance structure. It is understood the SLC wanted to see the changes that had been made after the ICC received feedback from the members.
BCCI’s office bearers – the secretary Amitabh Choudhury and treasurer Anirudh Chaudhry - had rejected the ICC's settlement offer worth approximately $400 million on Tuesday. The Indian board wanted $570 million, the share it was getting under the Big Three model.
The settlement offer had been made by ICC chairman Shashank Manohar. Manohar was the head of the ICC working group that had prepared the proposed constitution, which comprises the finance and governance structure models.
The BCCI then approached most of the major Full Members with a counter offer: it gets $570 million but none of the other Full Members get anything less than what was stated in the new constitution.
But ICC’s Full Members rejected the BCCI's offer, leaving BCCI in a tight position, hours before the ICC Board meeting.