Will ICC ever approve ICL?

I doubt if this is going to happen. And the reason is not BCCI as projected by everyone but insecurities of all ICC members. Though in short run, BCCI is the affected party as its market is getting affected immediately but in long run, ICL has the potential to affect all boards and even finish off ICC.

Indian Cricket market is huge and can sustain two parallel leagues. Though BCCI will be affected if ICL is approved and its profits hit but it will still be profitable. A rebel league in other markets can finish off the member board itself. Consider the scenario that ICL is approved and it looks for growth beyond India. Of course, Pak and BD are going to be the first targets and it is very popular in pak also. What happens if it schedule matches in parallel with any international series going on in Pak? Won't PCB be hit? Some of its players may prefer to play in ICL depending on returns and it will slowly be curtains on Pakistan's international cricket.

The country most hit would be Eng. Its local season is from Jun-Aug when it is typically off-season for most countries. An extended season of ICL or any other league in parallel with English Season with most of world's cricketers available to play will surely kill English season and slowly whatever control ICC has on cricket will be lost to corporates. Is this bad, I do not know but this is the reason ICL is facing issues and not because of BCCI only.

The reason I belive private leagues will overrun ICC's version of cricket is that traditionally Cricket administrators have been very poor in handling business issues and this is the reason most of the boards are facing fiscal issues and are dependent on one country to bail them through. A private league like ICL will have professional handlers and is bound to have more commercial success than cricket run by ICC administrators.

PS: I saw this statement in one of the articles on Cricinfo - "The ICC recently drafted new rules on official and unofficial cricket making it virtually impossible for future ICL models to come up but these rules are effective in June. The ICL request falls under existing rules, which state: "In the event of anybody wishing to stage an 'unofficial cricket event', ICC approval should first be obtained before full members could release their players for the event"."
URL - http://content-ind.cricinfo.com/icl2008/content/story/390559.html

In future there cannot be ICL like leagues as this is what all member countries are scared of and even ICC and they are trying to nip this in bud itself.