Australian cricket’s bitter pay dispute is finally over, with players keeping their revenue sharing model and ensuring an historic boost to the women’s game.

After months of negotiation, the deal reached between Cricket Australia (CA) and the Australian Cricketers’ Association (ACA) will, for the first time, apply to all male and female players.

The agreement is being lauded as the biggest pay rise in the history of women’s sport in the country.

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,” ACA chief executive Alistair Nicholson said.

In a modernised revenue-sharing formula, CA forecasts a player payments pool of $459 million, which covers all male and female players.

Furthermore, a performance pool will continue for male players while being extended to include the Australian women’s team.

“The ACA is delighted for the men and women who play the game now and in the future,” ACA president Greg Dyer said in a statement.

“And for the game of cricket which will continue to benefit from the partnership model which has served cricket so well.

“One MOU for men and women, the maintenance of the partnership model, and record investments for grassroots cricket is what we wanted and it’s what has been achieved.

“The men and women have been rewarded for sticking together and for having the courage of their convictions. They have made history and created a legacy for generations of players to come.”

Nicholson said the resolved dispute sees male and female players engaged as partners in the game.

“To have retained the revenue-sharing model and increased the level we have and ensure that men, women, domestic and international players receive a fair share is great news for the players and for the game,” he said in a statement.

“It’s right that all players, men and women will be partners in the game because that’s a fair outcome. It ensures a game with all parties pulling in the same direction.

“I pay tribute to all of the players for their resolve. Enduring uncertainty and unemployment has been very difficult. They are terrific young men and women who have been rewarded for their determination.

“I especially congratulate Steve Smith, David Warner, Meg Lanning, Alex Blackwell and all ACA delegates for their outstanding leadership. They led the players in this process and prevailed.”