South African cricket stepped back from the brink of an international crisis when officials announced late Sunday evening that the differences between the two rival factions battling for governance of the game had been resolved.

In a joint statement issued shortly before midnight, Cricket South Africa’s members’ council and interim board announced that agreement had been reached on a new governance model.

The agreement came two days after the country’s sports minister Nathi Mthethwa gave notice that he would withdraw recognition of Cricket South Africa, a move which could have resulted in CSA being suspended from the International Cricket Council.

According to the statement, a meeting of CSA’s two factions resolved that a new memorandum of incorporation would be adopted within 48 hours in terms of South Africa’s Companies Act.

“The members’ council and the board are very pleased to announce that a crisis has been averted and agreement has been reached on all those outstanding issues,” said the joint statement.

Mthethwa’s threat, which was due to be made official on Friday, followed the failure of the members’ council to endorse the principle of a board comprised of a majority of independent directors at a special general meeting on April 17.

Sunday’s statement said details of the new governance structure would be made public when the legal process had been completed.