Cricket Australia CEO James Sutherland said: "the HOA is a welcome outcome of recent negotiations. It resolves the fundamental issues and provides a clear pathway towards a new MOU.

"Importantly, it restores certainty to the game it allows CA to re-contract all players and for the important Bangladesh tour to proceed as planned."

Mr Sutherland said that "both sides have compromised in order to reach agreement. The outcome reflects sensible change in the overall interests of the game."

"CA looks forward to working with the ACA over the next couple of weeks to finalise the new MOU."

SACA Chief Executive Keith Bradshaw said: "It’s great news but it’s been business as usual at SACA in recent months. This agreement now provides certainty for our members, players, staff and all our stakeholders.

“We are all excited about a huge season ahead highlighted by the first day/night Ashes Test match at Adelaide Oval.”

Key features of the agreement include:

Player Payments Pool (PPP) (all male and female player payments and programs apart from Performance Pool):

- A modernised revenue sharing formula achieved by developing a Player Payments Pool to a dollar value based on external market benchmarks, internal equity and financial viability, and forecast cricket revenues.

PPP of $459m (would be the equivalent of 27.5% assuming ACR of $1.67bn).

- Includes Player development program increased from $7m-14m

Performance Pool (PP):

- Continues for the Australian men’s team on similar terms to the last MOU and extended to include the Australian women’s team.

Female player payments:

- Female player payments will increase from $7.5m to $55.2m.

Adjustment ledger:

- If ACR exceeds $1.67bn, players receive 19% of the upside to $1.96bn ACR and grassroots cricket receives 8.5%. Above $1.96bn, male and female players receive 27.5%.

- The Adjustment Ledger from 2012-17 will be paid out.

Additional grassroots funding:

- Up to $30m that would otherwise have gone to the PPP under the old model.