The news of Pakistan's boycott of the marquee India game is not exactly being taken seriously in industry circles in Mumbai. There is a perception that the announcement, curiously made by the Pakistan government, may not be the final word on the issue.

It is not clear whether the Pakistan Cricket Board (PCB) has formally sent a letter to the International Cricket Council (ICC). There is, however, a perception that there will be severe consequences if Pakistan chooses to walk the talk and forfeit only the India game. It is unlikely that the ICC will take lying down an act that questions its sovereignty and autonomy. Some sort of pushback from Dubai appears guaranteed.

The ICC is clear that it does not want a wrong precedent set and will go to any extent if its authority is questioned by one or two boards randomly and at the last minute. What exact measures the ICC could take remains to be seen, but there is always the possibility that it may ask member boards not to issue NOCs for the Pakistan Super League (PSL), impose a ban on Pakistan from the Asia Cup, or withdraw PCB's share of ICC revenues.

Of the 55 games in the World Cup, the contest between the arch continental rivals is undoubtedly the most demanding and significant. But the value of the February 15 game cannot be quantified in isolation since the fixture is part of the overall tournament package.

But if one were to take the conventional route and look at the economics, each India international fixture is normally valued at around USD 10-11 million, or close to INR 100 crore lately. An India-Pakistan game may be double the value, or even more than double, that amount. A loss of over INR 200 crore therefore would be a conservative estimate.

ICC warns against selective participation

Late on Sunday night, the ICC issued a veiled threat that the selective participation will not be tolerated. "This position of selective participation is difficult to reconcile with the fundamental premise of a global sporting event where all qualified teams are expected to compete on equal terms per the event schedule. ICC tournaments are built on sporting integrity, competitiveness, consistency and fairness, and selective participation undermines the spirit and sanctity of the competitions.

"The ICC's priority remains the successful delivery of the ICC Men's T20 World Cup which should also be the responsibility of all its members including the PCB. It expects the PCB to explore a mutually acceptable resolution, which protects the interests of all stakeholders."

It further said, "While the ICC respects the roles of governments in matters of national policy, this decision is not in the interest of the global game or the welfare of fans worldwide, including millions in Pakistan and went on to add, "The ICC hopes that the PCB will consider the significant and long-term implications for cricket in its own country as this is likely to impact the global cricket ecosystem, which it is itself a member and beneficiary of."