Colin Graves has apologised “personally and unreservedly” to victims of racism at Yorkshire, and said he “profoundly regrets” describing dressing-room abuse as “banter”, language he now accepts some found “dismissive or uncaring”, after his widely anticipated return to Headingley was ratified by the board on Wednesday.

Graves’s takeover is subject to a vote by members at an extraordinary general meeting which has been called for Friday 2 February. Members will also be asked to ratify a change of the club’s rules to allow Graves to return to the board. Six of the club’s 10 current board members have committed to stepping down by that date, and its two member representatives have also been asked to go.

But there is confusion over Yorkshire’s future as a members’ club, after it emerged that though the board broke off negotiations with what the chief executive, Stephen Vaughan, described as “lots and lots” of potential investors, including “many IPL teams”, who were unwilling to work in such a structure, they neither sought nor received any assurance from Graves that he did not plan to push through demutualisation. “You can never say never in these circumstances and what Colin and his leadership team do in the future is completely down to them,” Vaughan said, “but there is no knowledge at all that that is going to be the case.” Any such move would need to be agreed by the members with a 75% majority.

The outgoing chairman, Harry Chathli, described Graves’ offer as “the one viable option to secure the financial future of the club at this time”. Graves will provide a £1m unsecured loan – reported to carry an interest rate of 4.8% above the Bank of England base rate, which would currently be 10.05% – and has promised to find further investment of £4m. But members were warned that “the sourcing of the further investment is reliant on the new board and there is no binding commitment to provide it or information on the sources of these funds”, and anyway that “the timing of receipt and the amount of that investment may not be sufficient to meet the club’s liabilities”.

Graves, who was heavily involved in Yorkshire from 2002 and served as chair between 2007 and 2015, had never previously accepted that racism was an issue during his time at the club. In one television interview last year he admitted that there may have been the “odd occasion” when problematic language was used in the dressing room, but said he thought “there could have been a lot of banter in there about it”. On Thursday however he struck a much more conciliatory tone.

“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. “I believe its best days still lie ahead … But the mistakes of the past must be acknowledged and acted upon.”

Related: Moral and financial failure at Yorkshire is set to allow Colin Graves back in the door | Azeem Rafiq

“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.”

“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.”

But many were unconvinced by Graves’s new approach, or the rationale that left him as the club’s only salvation. Azeem Rafiq, whose experiences at Yorkshire Graves had previously downplayed, told the Guardian of the proposed takeover: “I think it’s very sad. It’s a clear message to myself and people of colour and South Asian people that cricket is not a game for us and it’s not a place the people running the sport want us to come. That’s the message it sends out. I’ve woken up to a barrage of abuse and that’s what it empowers: people to be more openly racist. How we’ve got here is an absolute scandal. The game, the governing body, the sponsors – I think everyone in cricket should hang their heads in shame.”

In a statement, the England & Wales Cricket Board said: “The ECB notes today’s announcement from Yorkshire CCC … and understands they concluded that this proposal was their only viable option to address the situation the club is in and put it on a sustainable footing.

“Considerable work has been carried out at Yorkshire - and across cricket more widely – in recent years to tackle discrimination and make the game more inclusive, and it is vital this continues. We welcome Colin Graves’ commitment to continue this work, his unreserved apology and acceptance of the findings of the Independent Commission for Equity in Cricket (ICEC). These words must be put into action if Yorkshire members approve this deal.”

Sanjay Patel and Sanjeev Gandhi, both of whom worked with Graves on the creation of the Hundred while he was chairman of the ECB from 2015 to 2020, will be appointed, subject to member approval, as non-executive directors. Philip Hodson, a businessman, former first-class cricketer with Cambridge University and one-time president of the MCC, will serve as deputy chairman.

Caroline Dinenage MP, chair of the parliamentary culture, media and sport committee which has devoted several sessions to cricket, focusing on Yorkshire, and has invited Graves to give evidence next month, 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 ICEC’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.”