The International Cricket Council (ICC) has passed a revised financial model to reduce the power of the so-called "Big Three" cricket boards of India, England and Australia.
The ICC made a controversial decision three years ago which would give the Board of Control for Cricket in India (BCCI), England and Wales Cricket Board (ECB) and Cricket Australia increased power and more money.
However, it was agreed at ICC board and committee meetings in Dubai that the resolutions made in 2014 should be reversed and a new constitution to be put before the ICC Full Council was also reached.
A new revenue distribution cycle from 2016-2023 was passed by 13 votes to one, with the BCCI due to receive $293million over that period, the ECB $143m, full members $132m apiece and Zimbabwe Cricket $94m.
Associate members will be given $280m over eight years, while the ICC could include additional full members subject to meeting the criteria.
The revised constitution will be presented to the ICC Full Council in June with a view to being implemented.
ICC chairman Shashank Manohar said: "This is another step forward for world cricket and I look forward to concluding the work at the Annual Conference.
"I am confident we can provide a strong foundation for the sport to grow and improve globally in the future through the adoption of the revised financial model and governance structure."
David Richardson, the ICC chief executive, stated: "It has been a very productive week. Progress has been made on a number of significant issues, in particular around international cricket structures.
"Efforts to find a solution, enhancing the context of international bilateral cricket and retaining the relevance of the international game, will continue."