Cricket's bosses have reversed a decision which effectively handed control of the sport to India, England and Australia.
The International Cricket Council (ICC) decided in 2014 that the 'Big Three' should have more powers over how the game is run and its financial split.
But at a meeting in Dubai, the ICC board voted to pass a new financial model and governance structure.
The changes will have to be ratified by the ICC full council in June.
The 2014 changes had angered other large cricketing nations such as South Africa and Pakistan.
However, the reversal is likely to upset India which has been demanding a $570m (£442m) cut from ICC revenues but will now receive $293m (£227m).
The board voted 13 to one in favour of the financial changes and local media have reported that India was the only dissenting voice.
Based on forecasted revenues and costs, the England and Wales Cricket Board will receive $143m (£111m) across the same period (2016-2023), Zimbabwe will get $94m (£73m) and the remaining seven Full Member nations $132m (£102m) each.
Constitutional changes made by the board - including paving the way for more Test cricket nations and the introduction of an independent female director - were agreed by a vote of 12 to two.
ICC chairman Shashank Manohar, who announced in March that he is stepping down, said: "This is another step forward for world cricket and I look forward to concluding the work at the annual conference.
"I am confident we can provide a strong foundation for the sport to grow and improve globally in the future through the adoption of the revised financial model and governance structure."
The ICC meeting has also agreed to look at:
- Bringing more context to international bilateral cricket including resolving the current calendar congestion in order to bring a clear framework to all three formats
- Changes to the women's game including a separate rankings system for Women's ODI and T20I cricket
- The feasibility of further matches in Pakistan involving a World XI
- Development of a detailed strategy for the growth of cricket in China.