In a major setback for the Board of Control for Cricket in India, the International Cricket Council approved the new financial model in Dubai on Thursday. According to the new revenue distribution model, the Indian cricket board will now receive $293 million (Rs 1,949 crore).

Previously, the board was drawing an amount of $570 million (Rs 3,792 crore) due to its “Big Three” formula. According to this, the three nations with the highest revenue generation from the sport – Australia, England and India – would have a bigger say in the ICC.

Earlier, ICC chairman Shashank Manohar had proposed an additional 100 million dollars in the proposed revenue model for Indian cricket. However, the BCCI rejected the offer. With the new revenue model being approved, the England Cricket Board received 143 million dollars while Zimbabwe Cricket received 94 million dollars. The other seven Full Members will receive 132 million dollars each, while 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.”