The International Cricket Council is revising its financial model to bring an end to a potential domination by its 'Big Three' members - India, England and Australia.
The ICC issued a statement overnight outlining a new formula for the distribution of funds for 2016-23, saying it was passed with a majority of 13-1 during an executive board meeting in Dubai this week.
The Board of Control for Cricket in India, the major income generator in the sport, had its proposed share of forecast revenue cut to US$293 million (NZ$426m) across the eight-year cycle, with the England and Wales Cricket Board getting US$143 million (NZ$208m) and Zimbabwe Cricket will get US$94 million (NZ$135m).
The remaining full members, Australia, Pakistan, New Zealand, South Africa, Sri Lanka, West Indies and Bangladesh are expected to get US$132 million (NZ$192m) each over the period.
In addition, the ICC's Associate member countries will share funding of US$280 million. Associated member countries such as Afghanistan and Ireland, which perform well in international cricket, will get a bigger share.
In February, the ICC decided to reverse a 2014 resolution to give more power to India, Australia and England and set up a working group to restructure its revenue distribution.
The main objectives of the new model were, the ICC said, "equity, good conscience, common sense and simplicity, enabling every member to grow, greater transparency."
The board also agreed on a new constitution, which will be presented to the ICC Full Council in June for adoption.
"The constitution reflects good governance, expands on and clarifies the roles and objectives of the ICC to provide leadership in international cricket," the ICC said in its statement.
The new constitution has scrapped the Affiliate level of membership " the old third-tier " meaning countries now will only be classified either as Full or Associate members.
Among other proposed changes to the constitution, all members will be given equal weight in voting regardless of membership status.