In a joint press conference in Melbourne today, CA chief executive James Sutherland and his Australian Cricketers’ Association (ACA) counterpart Alastair Nicholson confirmed both parties had signed a Memorandum of Understanding (MoU) after the latest round of face-to-face negotiations.

The row was sparked in March after new contracts offered by CA removed a clause which gave players a share of the governing body’s revenues.

CA bosses said the cricketers would receive a higher salary to make up for this, but players claimed they would lose out in the long term.

This led to around 230 players representing the men’s and women’s national teams along with state sides effectively going on strike after their contracts expired on June 30.

However, part of the new agreement will see players receive a forecasted 27.5 per cent of revenue, thought to be worth AUD$459 million (£275 million/$364million/€307 million).

Players will now consider the proposals in the MoU and if accepted, a tour to Bangladesh later this month is expected to go ahead along with the iconic Ashes Test match series against England, which is due to start on November 23 in Brisbane.

“Today’s agreement is the result of a sensible compromise from both parties,” Sutherland said.

“Change is never easy, but sometimes it’s necessary.

“Neither side has got everything that we wanted out of these negotiations, but they shouldn’t be approached with a winner-takes-all mindset.

“I think we’ve reached a good compromise, one that we can both live with and one that will be good for the game and good for Australia’s cricketers.”

The next stage of the process will see the ACA take the details of the MoU to the players, who will take a vote.

“The executive of the ACA will recommend to Australia’s male and female cricketers to accept a renewed MoU secured under an in-principle heads of agreement between CA and ACA,” Nicholson said.

“We will conduct a player vote in the next 24 hours to follow past precedent, but we expect that to come back positive.”

Other elements of the MoU include an increase to female players from AUD$7.5 million (£4.5 million/$6 million/€5 million) to AUD$55.2million (£33.1 million/$43.8 million/€37 million).

Funding for the player development programme will double to AUD$14 million (£8 million/$11 million/€9 million).

The MoU also has a clause which will see the game’s grassroot funding in Australia receive up to AUD$30 million (£18 million/$24 million/€20 million) if CA revenues exceed AUD$1.67 billion (£1 billion/$1.32 billion/€1.12 billion).