A new pay deal has been reached between Cricket Australia (CA) and the Australian Cricketers' Association after months of bitter negotiations, meaning a scheduled tour of Bangladesh will go ahead later this month.

Key points: Men and women to share up to 30pc of agreed revenue

Men and women to share up to 30pc of agreed revenue Grassroots cricket to receive $25m boost

Grassroots cricket to receive $25m boost Massive pay rise for female players

Massive pay rise for female players Sutherland says both parties 'regret' how negotiations unfolded

The parties have reached an in-principle agreement on "the core issues" of the deal, with minor details to be thrashed out in the coming weeks.

The revenue-sharing model has been retained, which had been the main sticking point between them.

CA had wanted to scrap it.

CA CEO James Sutherland said both parties had regret about the way negotiations unfolded.

"This process hasn't been easy and history will judge whether it was all worth it in the end," he said.

"There is no denying that the debate itself has at times been difficult and even acrimonious. Relationships within the game have been tested and I know that's been a bit of a turnoff for some fans."

In a significant move, the agreement will apply to all male and female players for the first time in Australian cricket, and the deal is being lauded as the biggest pay rise in the history of women's sport in the country.

Players had said they felt they were not being treated as the game's prime asset. ( Reuters: Danish Siddiqui )

Female player payments will increase from $7.5 million to $55.2 million.

"[It's] a gender equity pay model, with the biggest pay rise in the history of women's sport in Australia," the boss of the players association Alistair Nicholson said.

On Twitter, Australian captain Steve Smith said he was looking forward to getting on with playing the game.

"Great to get a deal done! It's been a long and challenging process and it's great that we can now get on with playing the game that we all love," he wrote.

Relationships need repairing

Players, perhaps most notably vice captain David Warner, did not shy away from their frustration at CA for the way it had conducted itself throughout negotiations.

ABC Grandstand commentator Jim Maxwell said the relationship between players and head office had been strained for some time, and the stand-off was long in the making.

The pay deal's key features: 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 PPP to a dollar value based on external market benchmarks, internal equity and financial viability, and forecast cricket revenues

A modernised revenue sharing formula achieved by developing a PPP 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 per cent assuming Australian Cricket Revenue [ACR] of $1.67bn)

PPP of $459m (would be the equivalent of 27.5 per cent assuming Australian Cricket Revenue [ACR] of $1.67bn) Includes player development program increased from $7 million to $14 million 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 $7.5 million to $55.2 million Adjustment ledger If ACR exceeds $1.67bn, players receive 19 per cent of the upside to $1.96 billion ACR and grassroots cricket receives 8.5 per cent. Above $1.96 billion, male and female players receive 27.5 per cent Additional grassroots funding Up to $30m that would otherwise have gone to the PPP under the old model.

Sutherland said he hoped the relationship between players and administrators would be repaired.

"Time will tell on that. I'd like to think in many ways it's good sport and we can all shake hands and at the end of it move on," he said.

But Nicholson countered it would take some time to heal.

"But that's something we'll now work through together for the good of the game," he said.

There have been threats to call off upcoming overseas tours, and even the Ashes series on home soil, after Australia A's tour of South Africa was cancelled due to the dispute.

But with the deal reached, the tour of Bangladesh with go ahead later this month without interruption.

Under the updated revenue sharing model, the players will share up to 30 per cent of agreed revenue, made up of 27.5 per cent of forecast revenue streams and a 2.5 per cent performance pool.

That is estimated to be worth up to $500 million over the next five years, which is the length of the agreement.

Under the previous system, male players had been sharing in up to 26 per cent of Australian Cricket Revenue, which represents about 80 per cent of CA's total revenue.

Grassroots cricket gets $25 million boost

Nicholson said the players would be given 24 hours to vote on the agreement but it was all but guaranteed to get the tick of approval.

CA had argued it wanted to change the revenue system to give more money to grassroots cricket, which it said was "sorely" needed.

The players had been arguing for what they said was fairer distribution of money for domestic and women's cricketers.

Female cricketers received a huge boost under the new deal. ( Reuters: Andrew Boyers )

Under the new deal about $25 million of player earnings will flow to the community level.

The players felt they had not been consulted enough on issues like scheduling, and they will now be given greater input. The retirement fund will also be improved.

The players will receive back pay once the final agreement is signed off.

Last week, the governing body said if no deal was reached, it was prepared to call in an independent arbitrator to broker a deal.

The previous memorandum of understanding (MOU) expired on July 1, leaving 230 of the 300 players out of contract and without pay.

Outcome a big win for the ACA: McGregor

Sorry, this video has expired Cricket broadcaster Catherine McGregor gives her take on the pay deal

Long-time cricket journalist Cate McGregor said the issue of back pay was still to be resolved, but overall the outcome looks little like a compromise, and more as a resounding win for the players.

"It's very hard to see a compromise in this outcome, frankly. It looks more like complete victory to the ACA to me, in that we've been subjected to effectively a 10-month dispute over a particular element of the player remuneration, which was the gross revenue sharing arrangement," McGregor told the ABC.

"That now looks to have been reinstated in tact, with an above-Australian-average pay increase for the players. There seems to have been an enormous amount of emotional, political and negotiating effort extended to arrive at the place where we're at, when this deal could have been done by July 1, or any time in the lead up to it.

"The players have been very cohesive throughout this dispute. The ACA has been able to mobilise its player base very effectively. Their email communications with their rank and file membership has been quite persistent, it's been systematic and they've maintained enormous player cohesion, which is one of the reasons they've prevailed in this dispute.

"The one issue that is not quite resolved ... is the issue of back pay. I do think it is a formality, but the fact is that the back pay accruing to the players from the cessation of their contracts on June 30 is contingent on the ratification of this MOU by August 21.

"That wasn't announced in the news conference but I'm advised by a source that it is still on the table. It is theoretically possible that could go to arbitration."

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