New Delhi: A PIL filed in Madras high court has said that the Board of Control for Cricket in India (BCCI) will lose almost Rs 1,000 crore due to president Shashank Manohar's offer to take a 6% revenue cut.
According to a report on Cricbuzz, the Indian board is entitled to receive 21% of gross revenues of International Cricket Council (ICC) for the broadcast cycle of 2015-2023.
The PIL was filed by former CBI director R K Raghavan and eight others. However the bench consisting of Chief Justice Sanjay Kishan Kaul and Justice S Vaidyanathan offered time till Wednesday to petitioner's counsel to withdraw the PIL.
The PIL further claimed that BCCI will lose an additional Rs 2,000 crore during the next broadcast cycle of 2023-2031 due to Manohar's financial reforms offer at ICC.
India's share of world cricket revenues is over 80%. Likewise, almost entire sponsorship revenue comes from Indian sponsors. Hence in 2011, ICC's full members agreed to pay a percentage of ICC revenue to the Indian board. At the same time, it was decided that BCCI will get 21% of gross revenue of ICC from 2015-2023.
However, new president Manohar got an approval from the BCCI's general body for a reduction in this amount. Tamil Nadu Cricket Association (TNCA) objected to this and even wrote to the president claiming there would be a loss of Rs 3,000 crore to BCCI till 2031 due to the new financial model.