"It poses a serious challenge to Sri Lanka Cricket set-up," Sports Minister Mahindananda Aluthgamage said without elaborating.
He said the SLC's executive committee would meet here on January 23 to take an official stance on the proposals which would then be conveyed to the ICC.
The radical reforms in a "position paper" drawn up by a working group of the ICC's Finance & Commercial Affairs (F&CA) committee is due to be put to the ICC Executive Board at its quarterly meeting in Dubai on January 28-29.
Cricket South Africa (CSA), the only board so far to publicly oppose the draft, has said that the structural overhaul of world cricket administration will effectively cede most executive decision-making to the BCCI, Cricket Australia and the ECB.
The three boards would also get a larger share of revenues, in a ratio that is linked to the ICC's revenue growth. CSA says their revenue as a result of the plan would fall below that of Pakistan.
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