Cricket Australia and the players' union have reached an agreement to end a long-running pay dispute that had threatened to derail upcoming tours to Bangladesh and India and the home Ashes series against England.
It's expected CA chief executive James Sutherland and his ACA counterpart Alistair Nicholson will hold a press conference in Melbourne later on Thursday.
CA believe the revenue-share model was unfit for modern times and is starving grass-roots cricket of funding, while players say it has underpinned the game's growth and prosperity over the past 20 years.
However, Steve Smith is now to lead his team to Dhaka on August 18, with a one-day tour to India next month and October and the showpiece home Ashes series against England, beginning in November, also now safe.
"From Cricket Australia's point of view, we needed to modernise the pay model, to provide us with more flexibility to deal with issues facing the game as they come up from time to time".
The major reason behind the ACA 's opposition was CA's proposal to scrap a shared revenue model for player payments, which had been in place for almost 20 years. "It is a big series for us because we don't get the chance to play lot of Test matches and more so in our own backyard".
With 230 cricketers in Australia effectively unemployed, there had been speculation that the Ashes, which starts in Brisbane on November 23, were under threat.
Sutherland said both parties regretted that the dispute had become a turn-off for fans and Nicholson left little doubt there was still some bad blood between the players and the board.
Both Cricket Australia and the players will contribute $25 million each to a grassroots investment fund over five years, which will fund improvements to junior facilities and training programs. We also congratulate the players who have bravely made the case in the public domain.
However, the parties have now settled for a modified revenue-sharing model that will provide players 30% of agreed revenue, consisting of 27.5% of forecast revenue streams.
But it was too late to prevent the boycotting of an Australia A tour of South Africa last month which would have allowed Usman Khawaja and Glenn Maxwell to audition for spots in the Test side.
"In announcing this agreement we are restoring certainty, beginning to fix relationships, especially with the fans".
- Jab Harry Met Sejal Movie Review; JHMS Rating
- Bitcoin Split 2017: What Is Bitcoin Cash?
- Deadly Shootout At Moscow Court Leaves Three Dead
- United Kingdom govt says concerned about Centrica's planned power price rise
- US Senate confirms Christopher Wray as new FBI director
- U.S. says it hopes to prevent new war in Syria
- Critics: Trump's Crafting of Response to Russia Meeting Is 'Obstruction of Justice'
- Stop making territorial claims on Bhutan's behalf: China tells India
- Scaramucci's 250 hours of drama in White House
- Princess Diana's shocking recordings defended by United Kingdom broadcaster