The International Cricket Council's (ICC) full members on Wednesday outvoted the Board of Control for Cricket in India (BCCI) and agreed to introduce a new financial model along with governance changes, essentially rolling back the Big Three system currently in place, reported ESPNcricinfo.

The BCCI was the only member to vote against the financial model and was one of two boards which voted against the new governance model.

The financial model received a 9-1 vote in favour, while changes in the governance structure were passed by an 8-2 margin.

Although the new ICC constitution has a majority vote, it will be approved formally during the annual conference in June 2017.

The BCCI was alone in its opposition to the new finance model. Its office bearers had rejected ICC's settlement offer worth approximately $400 million and demanded $570 million under the earlier arrangement.

The decision to make sweeping changes in the ICC's constitution was initially taken at the council's first board meeting of 2017 in Dubai. The ICC Board had agreed to revise financial distribution, ensuring a more equitable distribution of revenues.

Pakistan Cricket Board (PCB) chief Shaharyar Khan had earlier made it clear that Pakistan had supported the Big Three governance system in 2014 because India had signed a MoU with them that they would play six bilateral series between 2015 and 2023.

The BCCI had profited most from the Big Three governance system as it received the major chunk of the revenues that ICC earned from its events and broadcasting rights between 2015 and 2023.