India, July 15 -- The International Cricket Council has approved major changes to the formats of the men's ODI and T20 World Cups, introducing additional competitive stages and greater rewards for teams finishing higher in their groups.

The decisions were taken at the ICC Board's annual meetings in Edinburgh after recommendations from the Chief Executives' Committee. The governing body said the changes were designed to create more meaningful contests, improve competitive standards and increase the consequences of matches throughout its marquee tournaments.

The Men's Cricket World Cup will remain a 14-team competition but will now be played across three rounds before the semi-finals and final.

Round 1 will feature the teams ranked 12th,...