The International Cricket Council's (ICC) board has voted to pass a new financial model that will reverse a 2014 decision that effectively put India, England and Australia in control of the game's finances and administration.
Under the new financial model and governance structure, the split of revenues from the ICC for the years 2016 to 2023 will be altered to address the imbalance currently favouring the three boards.
The measure was passed by 13 votes to one, the governing body announced in a statement after its meetings at its headquarters in Dubai.
The Indian cricket board (BCCI), according to local media, was the only opponent to the new financial model.
Based on current forecasts for revenues and costs, the BCCI would now receive $293 million ($A392 million) across the eight-year cycle, down from the $570 million ($763 million) it would have received under the 2014 arrangement.
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The ICC said the England and Wales Cricket Board would be the second-best earners with $143 million ($A191 million), Zimbabwe would receive $94 million ($A126 million), while Cricket Australia and the remaining six full members would get $132 million ($A177 million).
A revised constitution, which will allow the ICC to include additional full members in the future, was also approved by 12 votes to two. The decisions would have to be ratified at the ICC's annual conference in June.
ICC Chairman Shashank Manohar, who has been critical of the 'Big Three' model, welcomed the vote.
"This is another step forward for world cricket and I look forward to concluding the work at the Annual Conference," former BCCI chief Manohar, who will step down in June due to personal reasons, said.
