I think HB Studios own the rights to the code.
However, as good as BLC 99 was (I still think after patches its the best cricket game there is), I don't think the base code of that game should ever be used for a future cricket game
For starters
AI Pacing
The pacing files used by CPU in ODI's take no account of match situation
Bowling orders
The scripted routines to determine bowling orders in ODI/test again take no account of the match situation
Fields
Again the fields used by CPU bared no relevance to the match situation
All the above things and more had to be patched to get a playable (& enjoyble) gaming experience
It was great for its time, but 8 years on its time for a complete overhaul in my opinion.
Having said that it had 46 stadiums, excellent atmosphere in the different countries and good stat tracking etc All these things have never been built upon