The Pakistan Cricket Board (PCB) faced bankruptcy and isolation if it did not back the radical changes made by the International Cricket Council (ICC) last week, chairman Najam Sethi said on Monday.
Sethi told a news conference in Lahore that the PCB could have collapsed within two years if it did not support the sweeping reforms introduced in Melbourne.
"We would have gone bankrupt in two years and would have been left isolated if we hadn't approved the revamp," he explained.
Sethi said the PCB had struggled for the last five years to run cricket in the country, as well as the national team, due to security problems.
"Since 2009 we have hosted no home series and that has caused us loss of revenues but we have somehow managed," he added.
By supporting the revamp the PCB are assured earnings of around $450 million in the next eight-year cycle of international cricket, in part due to a six-tour agreement with arch-rivals India.
"We are hoping to earn around $300 million from our four home series with India starting from next year. While our share from the ICC earnings in this period will also increase to $150 million," said Sethi who has been awarded a place on the ICC's new executive committee.
The matches were agreed under the future tours programme with four of them to be played in Pakistan or the United Arab Emirates provided they receive government clearance.
Sethi also said the PCB would make a fresh application with the ICC in October to allow banned pace bowler Mohammad Amir to play domestic cricket before his five-year ban for spot-fixing ends in September 2015.
"The ICC committee will approve the revamped anti-corruption code in October in which a clause has been included allowing a banned player to play domestic cricket before his ban ends," he added.