The CSA is expected to receive in excess of R1.6 billion from the ICC over the next eight years.
This comes after the ICC’s revised revenue model, which saw the ICC Board pass the new financial model, by an overwhelming majority, during meetings held in Dubai from 23-27 April.
Anticipated revenues could see India receiving $293 million (R3.9 billion) over the eight-year period, England $143 million (R1.9 billion), Zimbabwe $94 million (R1.2 billion) and the remaining seven full members (including South Africa) $132 million (R1.6 billion) each.
In addition, the ICC will introduce a new constitution, with the aim to produce more test-playing nations, give an equal weighting of votes to non-members and members of the board, and provide for the inclusion of an independent female director.
The original proposed changes to the constitution included a clause that opened the possibility for full members to be relegated to associate status.
Meanwhile, Zimbabwe has put in a bid to host the 2018 ICC World Cup Qualifier, a cricket tournament meant to decide the final qualification for the 2019 World Cup in England.
The top two teams at the qualifier event will join the eight teams already qualified for the World Cup through their ranking in the ICC ODI Championship.
The 2018 ICC World Cup Qualifier was originally scheduled to take place in Bangladesh, but this is likely to change as Bangladesh appear certain to qualify automatically for the prestigious 50-over tournament.