Steve Davis, Stephen Hendry and Terry Griffiths demanded the resignation en masse of the World Professional Billiards and Snooker Association Limited (WPBSA) board.

But the WPBSA won a vote among professional players by 48 votes to 26 at an extraordinary general meeting in Shifnal, near Telford in Shropshire.

"Today's vote shows the players believe we have made the right decision in a fair and transparent manner - despite a concerted and unbalanced media campaign against the board and the WSE deal.

"Today, the players have effectively said that they want to retain ownership of their commercial rights and we support that.

"Under the deal with WSE, they have the best of both worlds. Now it's up to all the players and managers in snooker to abide by this democratic decision and put an end to the back-biting once and for all."

Richard Relton, chief executive of World Snooker Enterprises, added: "Snooker has finally got its house in order.

"We now have an overwhelming mandate to approach broadcasters, sponsors and other commercial partners with a positive message about the sport."

The row had exploded last week when it was announced that prize money for the British Open, currently being played in Telford, was being reduced.

Hendry, Davis and Griffiths also questioned the fact that in June 2001 the WPBSA's accounts contained �3.1m but now there is just �800,000.

The organisation is on target to make a loss for the fourth successive year.

But the WPBSA pointed out that �1.2m was spent in a court action against The Sportsmasters Network Ltd (TSN), which wanted to launch a rival tour featuring the likes of Hendry and 2000 world champion Mark Williams.

The WPBSA defended the decision to appoint World Snooker Enterprises as a commercial arm, rather than another company, Altium, which was promising to put in �2.5m.