Australian Rugby League Commission (ARLC) chairman John Grant will remain in his position after a binding agreement over the long-term funding of NRL clubs was signed on Tuesday.
Grant reneged on a proposed funding model agreed in December 2015 and faced a vote of no confidence from the 16 NRL clubs, who were seeking greater financial security.
The ARLC chairman cited a desire to "get the funds back into the grassroots" as one of the motivating factors behind his change of heart.
However, a new agreement was struck following talks that reportedly lasted seven hours in Sydney, and Grant, who will retain his position, was pleased to have found a resolution.
"Under this agreement the clubs will have the long-term financial security they have been seeking," Grant said in a statement.
Club chairs representative Bart Campbell, the Melbourne Storm chairman, added: "The clubs and commission have a common goal - to make rugby league as strong as possible into the future.
"This agreement delivers the funds needed to achieve that target."
The new funding package includes a 65 per cent increase in funding for grassroots rugby league.
There will also be "a significant increase in club payments in the next five year cycle" and the creation of a fund to assist "financially distressed clubs"
The ARLC and NRL clubs also agreed to expedite a review of the constitution.