An EGM scheduled for February 2 will see a vote on the proposed return of the former chair, as well as several rule changes which require approval before being ratified
Yorkshire's board has approved the proposed takeover deal by the consortium led by former chair Colin Graves.
The deal now must pass a vote of members at the EGM stated for February 2.
Several rule changes will also be voted on, which will allow for the appointment of Graves, Philip Hodson, Sanjay Patel and Sanjeev Gandhi to the club board.
Since Christmas Eve (December 24), the Graves' group has been exclusivity to iron out a deal which has now gone through the board.
Owed £15 million as part of bailing the club out in 2002, he and Oakwell Capital have put together a rescue package for the financially-stricken Headingley club.
Graves served as Yorkshire chair between 2012 and 2015, before holding an identical position with the England and Wales Cricket Board until 2020.
Yorkshire's future is close to being resolved (Michael Regan/Getty Images)
"Yorkshire CCC is one of the most illustrious sporting institutions in the country and one of the most successful clubs in world cricket," he said in a statement. "I believe its best days still lie ahead, but success on the field cannot be achieved without financial stability off the pitch.
"There are huge challenges ahead in order to achieve this. But if the offer is accepted by members, I will lead a management team which will oversee an immediate injection of capital into the club. It is our intention to get Yorkshire back to winning ways; grow the women’s game; and inspire a new generation of children and young adults to watch and play cricket. Yorkshire must be a club that is open and welcoming to everyone who shares a passion for the game, from every part of society.
"For that to be the case, the mistakes of the past must be acknowledged and acted upon. I apologise personally and unreservedly to anyone who experienced any form of racism at Yorkshire County Cricket Club. Discrimination or abuse based on race, ethnicity or any other protected characteristic is not and never will be acceptable.
"I profoundly regret some of the language I used when asked about the events that took place when I was chairman, at a time when I was no longer at the club. I understand and sympathise with those who regarded my comments as dismissive or uncaring.
Graves served as ECB chair between 2015 and 2020 (Gareth Copley/Getty Images)
"I am determined to do whatever is required to ensure Yorkshire County Cricket Club continues to reflect the communities it represents. The club cannot and will not succeed unless it is united in its commitment to meet the highest professional standards, on and off the field.
"I want to make it clear that we accept the findings of the report carried out by the Independent Commission for Equity in Cricket (ICEC) and its recommendations. If I am confirmed as chairman, the Equality, Diversity & Inclusion work that has been carried out over the last two years will continue.
"We now need the backing and support of everyone involved with the club in order to guarantee its survival, rebuild financially and re-establish a culture of excellence and success on and off the playing field."
An ECB released a statement acknowledging the development, Graves' apology and acceptance of the ICEC report but confirmed it would intervene if required. "There are also significant powers which can be used to hold Yorkshire County Cricket Club to account if it does not continue with the progress and reform we have seen over the last few years," it read.
Opponents to the takeover have grown in recent days. Charity Sporting Equals, which promotes ethnic diversity in UK Sport, said Graves' return would "send a message that emboldens those who perpetuate the myth that racism is simply banter".
Meanwhile, Azeem Rafiq - whose experiences of racism sparked an investigation into historic incidents of discrimination - has called on sponsors to consider their relationship with the 33-time outright County Championship winners.
Azeem Rafiq has been a vocal opponent of the proposed takeover (DANIEL LEAL/AFP via Getty Images)
Responding to news of the Yorkshire board ratifying the Graves takeover, CMS committee chair Dame Caroline Dinenage MP said: "The disgraceful treatment of Azeem Rafiq by Yorkshire CCC was the tip of the iceberg, with racism, classism, sexism and misogyny found to be entrenched across the sport.
"The publication of the Independent Commission for Equity in Cricket’s report last year offered a turning point for English cricket, which the ECB appears to be taking.
"The return of Colin Graves to Yorkshire and to English cricket risks undermining what progress has been made so far.
"If the club is serious about rebuilding its reputation as well as its finances, then there needs to be a commitment from Mr Graves and the club to fully respecting the findings of the ICEC and taking action on them.
"The Culture, Media and Sport Committee will be watching closely as this deal progresses so that the terrible past of Yorkshire CCC does not repeat itself."
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