India, Jan. 26 -- When Pakistan talks about boycotting an ICC event, it is not just a sporting threat. It is a business claim: remove us, and the ICC's tournament economics wobble. The problem with that claim is that ICC's own financial structure, and the published shape of its revenue model, suggest Pakistan can create disruption, not dictate outcomes.

The ICC's audited accounts show where its strength and vulnerability lie: global tournaments. For the year ended December 21, 2024, the ICC reported total revenue and income of $777.9 million, with events revenue of $728.5 million and a net surplus of $474 million. For 2023, it reported total revenue and other income of $904.4 million, events revenue of $839.2 million and a net surplus of...