The BCCI on Sunday sent an 11-page letter to ICC Chief Executive David Richardson, categorically rejecting the proposed revenue model and constitutional reforms.
The BCCI has reminded the world body that they have the option of exercising the rights mentioned under the Members' Participation Agreement (MPA).
While BCCI's stand was always known, COA member Vikram Limaye is his letter has pointed out that ICC should respect the MPA signed on October 12, 2014.
It has been learnt that BCCI can take legal recourse if ICC violates MPA, which assures certain benefits to member nations who compete in the ICC tournaments from 2015-2023.
According to the letter accessed by PTI, Limaye has reminded Richardson of the MPA entered between BCCI and ICC Business Corporation FZ LLC (IBC) relating to global events between 2015 and 2023.
The letter states:"The proposed new ICC Constitution and financial model will, if adopted, entitle us to exercise certain rights under the MPA and also to avail remedies under applicable law. We trust the ICC will reconsider the proposed new ICC constitution and financial models in light of provisions of the MPA so that we do not have to consider exercising our rights and remedies in relation to the MPA, which are expressly reserved. Please communicate our stand to ICC for information and necessary action."
It is learnt that COA has already in its meeting decided that India's interest as the financial powerhouse is non- negotiable.
In fact Limaye, after his first Board meeting in Dubai in February, had said that ICC could not give any cogent reason as to what economic model has been used for equitable distribution of revenue which seemed to be based more on "good faith and equity".
Many felt that it was erstwhile ICC chairman Shashank Manohar's indirect attempt to hit BCCI which was in tangles after the Supreme Court verdict that led to the ouster of its president Anurag Thakur and secretary Ajay Shirke.
However BCCI has garnered enough support to thwart the move with Bangladesh, Sri Lanka and Zimbabwe by its side.
The original 'Big Three' model means that England and Australia will also get their share of the pie and shall not have any objections to earlier revenue model.
"The ICC tried to hit us when BCCI was in troubled waters. Now with Manohar, who was the biggest opponent of BCCI, gone, the ICC in any case will neither be able to pass the constitutional reforms nor the revamped financial model," a top BCCI source told PTI.
BCCI's objection also puts the ambitious World Test Championship in a limbo apart from the proposal to review full membership status of countries like Bangladesh.