Giving out a veiled warning, the International Cricket Council (ICC) on Wednesday said the 2011 World Cup in the sub-continent will be in jeopardy in case BCCI goes out on its own and refuses to sign the next Members Participation Agreement (MPA).
The ICC gave the BCCI a further seven days (from Tuesday) to notify it of any difficulties it has with the MPA.
India, Pakistan, Sri Lanka and Bangladesh will jointly host the 2011 World Cup.
In a strongly worded statement, ICC President Percy Sonn said despite the fact that other members involved in the process are now in a position to sign the MPA - which covers major ICC events for the period 2007-2015 - the Board of Control for Cricket in India (BCCI) has just this week announced that it has problems with the agreement's content.
"If the BCCI fails to agree to the terms of the MPA, it will of course mean that they could not continue as one of the joint hosts of the ICC Cricket World Cup 2011, thus putting the entire tournament in jeopardy. Having said that, we hope agreement can be reached and that common sense will prevail.
"Six months ago we circulated the MPA for our events from 2007-2015 to our members for comment and over the subsequent months we have had extensive and fruitful negotiations with many of our members that have helped us develop the contents of the agreement to suit our mutual needs. It is thus very disappointing that the BCCI has only recently been able to review the agreement and raise its concerns," said Mr Sonn in a statement.
"Our other members have indicated that they are in a position to sign the MPA and the process is moving forward rapidly. This means that, unlike the other members concerns which were given due consideration over several months, the BCCI will only have a limited opportunity for its concerns to be presented and considered.
"The new MPA is significantly more flexible that the agreements that regulate participation in ICC events through to 2007. In particular, the MPA addresses all areas of concern raised by Indian players ahead of previous ICC events and provides more scope for players and boards to maintain their own interests.
"The ICC events are a dominant source of revenue for the majority of our 97 members across the globe and it would be very disappointing if delays caused by one member were to hold up a process that is integral to the long-term health of so many," Mr Sonn added.