Yorkshire have approved the takeover of the cash-strapped club from a consortium led by former chairman Colin Graves.
That means a regional deal from the 75-year-old, who was chairman of Yorkshire from 2012-2015, is imminent.
The team members will now vote on whether to accept the takeover.
“The board of Yorkshire County Cricket Club tonight agreed to accept a loan deal from Colin Graves,” the club said in a statement.
“The club will send a notice to members tomorrow (Thursday, 11 January) before the EGM (general meeting) which will explain the details of the proposals and the decisions and changes to the rules that must be approved by the members. at the EGM.”
The EGM will be held 21 days after it is called.
Graves has previously denied knowing anything about racism during his time on the team.
However, he was criticized by the England and Wales Cricket Board (ECB) last year after it said some incidents were “abusive”.
Alex Sobel, Labor MP for Leeds North West, said: “Yorkshire County Cricket Club has acknowledged the widespread discrimination at the club which was exposed by Azeem Rafiq’s courageous testimony and has accordingly launched a process of investigation and investigation into the allegations raised.
“Mr Graves has rejected what the team has agreed to, saying it is nonsense. I am worried that we will lose what we have done by bringing Mr Graves back and it will not only take words to change their minds, but a full commitment to make it a club for the whole community.”
The chair of the Culture, Media and Sport Committee, Dame Caroline Dinenage MP, invited Graves to give evidence to the committee in February, adding that his return “undercuts” the progress Yorkshire has made so far.
“The humiliation of Azeem Rafiq by Yorkshire CCC was the height of racism, sexism, sexism and an affront to the masculinity of sport,” Dinenage said in a statement.
“The publication of the report by the Independent Commission for Equity in Cricket last year suggested a change in English cricket, which the ECB appears to be doing.
“Colin Graves’ return to Yorkshire and to English cricket could disrupt what has happened so far.
“The Culture, Media and Sport Committee will keep a close eye on how this deal progresses, so that Yorkshire CCC’s terrible past is not repeated.”
Graves is understood to be looking to transform Yorkshire from a members’ club into a small company.
Yorkshire has been looking for new funding since it lost supporters over the discrimination scandal, while also having to agree compensation with sacked workers who obtained unfair dismissal certificates. The ECB initially revoked Yorkshire’s right to stage the world’s most lucrative match at Headingley and only reinstated it after a major change in governance.
Last year, Yorkshire revealed it had to repay £14.9m to the Graves family trust, one of the biggest creditors since he was sacked in 2002.
The club’s management told staff they were “seriously considering” a deal with Graves’s consortium, having already been linked with a rescue package from billionaire businessman and former Newcastle United owner Mike Ashley. It is expected that Manda will be returned to the chairmanship.
Charity Sporting Equals said his return would “cause insult” to victims of discrimination.
But Yorkshire insisted a “rigorous process” by the board was in place to “ensure the club continues to operate”.