The decision was made after 70 members voted in favour of the move and 22 went against it, securing a two-thirds majority.

Swiss firm Ernst and Young SA has been appointed as the liquidator to perform the wind-up of GAISF, which was founded in 1967, following another vote at the meeting staged at the at the SwissTech Convention Center in Lausanne.

It was also agreed that GAISF’s total assets, worth CHF5.66 million (£4.9 million/$6 million/€5.74 million), will be transferred to SportAccord after 79 polled in favour and 11 voted against.

SportAccord is then expected to share the assets between the Association of International Olympic Committee Recognised International Sports Federations (ARISF), Association of Summer Olympic International Federations (ASOIF), Association of International Olympic Winter Sports Federations (AIOWF) and Alliance of Independent Recognised Members of Sport (AIMS).

ASOIF is set to receive the largest slice with 42 per cent, followed by ARISF with 30 per cent, AIOWF with 18 per cent and AIMS with 10 per cent.

"Now we can move forward and build a stronger entity under SportAccord though the representation of the umbrella organisation," said GAISF President Ivo Ferriani.

"Today we are taking the right decision for the future of GAISF and, more importantly, the future of the global sporting community.

"This is a key step towards a better future and we are taking this step together."

As insidethegames exclusively revealed, the International Orienteering Federation (IOF) made a last-ditch attempt to postpone the vote to decide the futute of GAISF after issuing a letter to Ferriani, claiming that there were "a number of unanswered and unclarified questions".

The IOF's efforts came to no avail with a total of 97 voting members turning out for the vote.

Speaking at the EGA, Ferriani claimed "significant effort" had been made to explain the reason for the recommendation of dissolution and shared a "letter of commitment" from the SportAccord Executive Council which "guarantees" the change of their structure and distribution of assets.

"Most of the services once provided by GAISF are now provided by other bodies as was the case with the anti-doping to the International Testing Agency," said Ferriani.

"The underlining business operation of the GAISF has been loss making over recent years and there is considerable doubt regarding its future financial stability.

"GAISF does not have the expertise in its staff to successfully organise a multi-sport event."

All four umbrella organisations are set to be represented on the new Executive Committee of SportAccord, including three from ASOIF, two from AIOWF, two from ARISF and one from AIMS.

There was criticism from Corrie Human, assistant secretary general of the International Aikido Federation, who claimed AIMS would be "used as a vehicle by other stakeholders" and was "not very good governance".

GAISF vice-president Stephan Fox, who is head of AIMS, believes the process is "fairer than it has been before".

AIMS is also set to be represented in a new Membership Commission that is due to "serve as the entry point to the international sports movement for International Federations", according to SportAccord.

The group is due to be composed of five members, one appointed from each of ASOIF, AIOWF, ARISF and AIMS as well as one by the IOC.

"AIMS is a clear winner in this process," added Fox.

"We six members recognised [by the IOC] in the past four years so therefore this is a very proud achievement of the AIMS family and an important collaboration between the IOC and AIMS.

"As the AIMS Council, we unanimously decided to vote towards this step and a stronger AIMS.

"Right now we have no shares in SportAccord.

"Now, 10 per cent for us is a good start.

"If there will be more in the future, we will see.

"I understand GAISF was very important 40 years ago but it has changed.

"Forty years ago there was no AIMS so this evolution is the success of all the AIMS members."

Ferriani added: "We are not here to make the rich richer and poor poorer. 

"We are here to help our governing bodies to provide our athletes the best competition.

"AIMS will have a stronger voice in the sports movement."