Calcutta: The International Cricket Council (ICC) board has accepted the new revenue-sharing model which would allow the BCCI 38.5 per cent of the annual income during its annual conference in Durban on Thursday.

Sources told The Telegraph that the BCCI’s revenue share would now amount to around US$231 million per year, a substantial 16.5 per cent jump from the previous 2015-23 cycle.

The ICC statement did not elaborate on the break-up of the revenue share for each member-board. “Every ICC member will receive significantly enhanced funding with a strategic investment fund ring-fenced to drive global growth initiatives in line with the ICC Global Growth Strategy,” the ICC said.

Another key decision was the introduction of equal prize money for men’s and women’s teams at ICC events, a concept previously implemented by the BCCI. The decision to introduce pay parity was proposed by BCCI secretary Jay Shah, who is also the chair of the ICC’s finance and commercial affairs committee.

“This is a significant moment in the history of our sport, and I am delighted that men’s and women’s cricketers competing at ICC global events will now be rewarded equally,” ICC chair Greg Barclay said.

The ICC also capped over-rate fines at 50 per cent of players’ match fees in the World Test Championship. Players will be fined 5 per cent of their fee for every over their team is short, up to 50 per cent.

“If a team is bowled out before the new ball is due at 80 overs, there will be no over-rate penalty applied even if there is a slow over rate. This replaces the current 60 over threshold,” the ICC said.

To keep a leash on players' participation in the T20 leagues, the ICC board decided to implement restrictions, which include a cap of four international players in the playing XI. This will, however, not affect the existing leagues, including ILT20 and MLC. Moreover, 10 per cent of a player's fee will have to be paid to the home board.