The Board of Control for Cricket in India (BCCI) has incurred a loss to the tune of Rs 120 crore this fiscal year mainly due to the November 26 terror attack.

"BCCI has incurred a loss of Rs 120 crore due to the cancellation of the Pakistan tour, Champions League that was to be held in the month of December and the two one day matches against England [Images] due to the terror attacks," a BCCI source said on Friday.

Last month's terror attacks resulted in losses for the BCCI as the Englishmen returned home, though the team came back later for the Test series. 

India were leading 5-0 in against the seven match one day series but the last two one dayers in Guwahati and Delhi [Images] could not be played.

The USD six million Champions League was scheduled to be played between December 3-10 in three centres Mumbai, Chennai and Bangalore.

The Twenty20 [Images] Champions and the runner up of founder members India, Australia [Images] and South Africa [Images] along with the Twenty20 Champions team of England (Middlesex) and Pakistan (Sialkot) were to play in the league. The first edition of Champions League has been put off till October 2009.

According to Finance Committee Chairman Rajiv Shukla, the decisions taken taken by Finance Committee in its meeting today will have to ratified by the Working Committee which is to be held on Saturday.

"There were some internal discussions at the meeting including the financial losses due to cancellation of Pakistan tour, cancellation of India-England matches, allocation of money for other sports, annual contract of players and medical assistance to players," Shukla said.

The finance committee of the Cricket Board had its first meeting on Friday after its formation at the BCCI's AGM held in September 2008.

The BCCI source said that in a bid to compensate for the losses, the Board may ask New Zealand [Images] to accomodate an additional Test match during India's tour in March-April this year. 

Apart from that, the BCCI was exploring the possibility of arranging a short series to make up for its cancelled tour of Pakistan in the wake of the Mumbai terror attacks [Images].