The International Cricket Council (ICC) has approved wide-ranging changes to its structure after eight of the 10 Test-playing nations voted for proposals that put India, England and Australia in control.
Only Pakistan and Sri Lanka partially opposed the moves by abstaining in the vote at an ICC board meeting in Singapore. Two countries, South Africa and Bangladesh, had initially indicated they were opposed to the reforms but ultimately voted in favour, giving the big three the eight votes they needed to pass their plans.
As part of the changes, which still need to be formally adopted by the ICC's council, a new revenue sharing agreement will come into play giving the lion's share of money to India, and to a lesser extent England and Australia.
The existing ICC-regulated international cricket calendar will also be wiped away and countries will instead negotiate tours and series bilaterally through to 2023, allowing India, England and Australia to pick and choose who they want to play over the next decade.
Maybe now Pakistan won't feature prominently in the bilateral series because the other board members will remember that you didn't favour them
The Board of Control for Cricket in India President Narainswamy Srinivasan will become ICC chairman for two years from July, cementing the country's dominant position at the world body. The head of Cricket Australia, Wally Edwards, will chair a newly-formed executive committee for that 'transitional period' through to 2016. The head of the England and Wales Cricket Board, Giles Clarke, will chair the influential finance and commercial affairs committee to 2016.
India, England and Australia also have permanent seats on that committee, with two other countries to be voted on.
As expected, the doomed inaugural Test championship, planned for 2017, was dumped and the 50-over Champions Trophy competition will be played in its place in 2017 and 2021.
Former Pakistan captain and now television commentator Ramiz Raja told a Pakistani television channel that Pakistan should have 'played their cards right'.
"Maybe now Pakistan won't feature prominently in the bilateral series because the other board members will remember that you didn't favour them. We didn't understand the reality, 80 per cent of the cricket economy is from India whether you like it or not. We could have gone for iconic series with India and could have gone for a quality cricket schedule, but I think now it will be difficult.
"Pakistan needs money for infrastructure, for their A team tours and for their senior team, but now I guess the situation will be tight,'' added Raja, following Pakistan's abstention in the vote.