The crisis in Australian cricket over a pay dispute between Cricket Australia (CA) and its players was averted after CA agreed to set aside more than a quarter of the revenue generated from the 2015 World Cup for the country's first-class players.
The two main sticking points were CA's model for performance-based contracts that were linked to results, and a decision on which funds should be included in the Australian cricket revenue stream.
A report in Sydney Morning Herald confirmed that CA and the Australian Cricketers' Association (ACA) have signed a new Memorandum of Understanding that satisfied the players.
The Age reported that the breakthrough point was CA's decision to provide ACA with 26% of the revenue from the 2015 World Cup that will be jointly hosted by Australia and New Zealand.
At the same time, CA is expected to confirm that it had reduced the number of its contracted players from 25 to 18, according to SMH. The announcement is likely by the end of week.
The agreement ended any chance of a strike by the Australian One-Day International team during the current tour of England. A failure to reach an understanding would have resulted in the players being without a central contract after June 30.
With the outcome, normal proceedings will resume on the Australian cricketers' schedule, and players will restart negotiations with states for the domestic season, including the Big Bash League. This was halted in the wake of the dispute.