New Zealand and Australia have been awarded the ICC Cricket World Cup 2015, following a vote by the ICC Executive Board in Dubai.
The decision will now need to be ratified by the ICC annual conference in July.
New Zealand Cricket CEO Martin Snedden said: “The 2015 Cricket World Cup will be a great event for Australasia.
“It will provide significant cricketing, promotional and financial benefits to the game in both countries.
“We have the infrastructure and capability to host an outstanding world cup event and while 2015 may sound a long way off, preliminary planning will soon begin to put the tournament in place.”
The Executive Board also made a decision to award India, Pakistan, Sri Lanka and Bangladesh the 2011 World Cup.
“I believe our joint 2011 bid with Australia was of the highest possible standard and demonstrated that we could host a world-class tournament in 2011, so I am naturally disappointed that we were unsuccessful,” he added.
“We will work with Cricket Australia, our stakeholders and the Government to ensure that cricket in New Zealand and New Zealand itself gains the maximum possible benefit from co-hosting the tournament.
“This decision is one of three decisions that have a significant positive effect on NZC's financial future.
“The recent agreement on the revised Future Tours Programme and the board's agreement on the ICC events schedule will have a positive effect on our future income.”