Durham has been relegated from the County Championship First Division due to financial problems and Hampshire has been allowed to reclaim its top-flight place.
Durham's sanction was agreed with the England and Wales Cricket Board on Monday as a condition of £3.8 million ($4.8 million, 4.3 million euros) financial support from the governing body.
The north-east based county will begin next season in the Second Division with an additional 48-point penalty.
Hampshire had been relegated from the First Division after a dismal season, but it can now look forward to another top-flight campaign.
Durham has also lost the right to be able to apply to host Test matches at the Emirates Riverside.
Limited-overs internationals, including a Twenty20 next year, can still take place in Durham.
England legend Ian Botham, who finished his county career with Durham, revealed he is willing to help his old team get back on a firm financial footing. "Things had to change," he told Sky Sports .
"It's very, very early. But yes, I'll be willing to throw my hat into the ring to help and we'll see what happens.
"That's to be decided. That's what the discussions will be about. It's in its infancy, so we'll just wait and see. But I'm very pleased to be involved.
"The north east is where I live, and the north east deserves to have a first-class cricket team."
It was first revealed last week that Durham may face relegation as the county and the ECB seek a solution to the club's financial difficulties.
An ECB statement on Monday confirmed relegation and a series of further measures.
They include the return of all prize money, the imposition of a revised salary cap up to April 2020 - reviewed annually by the governing body - and respective four and two-point penalties in next year's Twenty20 Blast and One-Day Cup.
A Durham County Cricket Club spokesperson said: "The Durham County Cricket Club Board welcomes the ECB's long-term commitment to safeguarding First Class Cricket in the north-east."
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