In a major setback for the Board of Control for Cricket in India (BCCI), the International Cricket Council approved of a new financial model after its five-day meet in Dubai on Thursday.

According to the new revenue distribution model, the Indian cricket board will receive 293 million dollars from 2016 to 2023. Previously, the Board was drawing an amount of 570 million dollars due to its ‘Big Three’ formula. This will not go down well with the Indian board as the new model eats into its share.

Earlier, ICC chairman Shahshank Manohar had proposed an additional 100 million dollars in the proposed revenue model for Indian cricket. However, the BCCI had rejected the offer.

In a further blow, majority of the other cricket boards voted in favour of change in governance and revenue structures. BCCI lost the vote on ‘governance and constitutional changes’ by a margin of 1-9, while the revenue model saw India getting walloped by a margin of 2-8. The only country that voted alongside BCCI was Sri Lanka.

With the new revenue model getting the nod, BCCI will now have to do with what they have in the eight-year cycle. The England Cricket Board received 143 million dollars while Zimbabwe Cricket received 94 million dollars.

The remaining seven Full Members will receive 132 million dollars each. The Associate Members will receive a funding of 280 million dollars. This model was passed by a vote of 13 to 1.

ICC Chairman Shashank Manohar said, “This is another step forward for world cricket and I look forward to concluding the work at the Annual Conference. 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.”

However, given that the BCCI has not announced it squad for the Champions Trophy as an act of defiance, the Board will not go down without a fight.