IBA awards losing quarter-finalists at Men’s World Boxing Championships

The International Boxing Association (IBA) has given prize money for all losing quarter-finalists for the first time in its history.

At the Men’s World Boxing Championships here, President Umar Kremlev had announced that the governing body has ended its sponsorship with Russian state energy supplier, Gazprom.

The money from the Gazprom sponsorship helped close “a significant debt accumulated by the CK Wu regime”, according to the IBA.

A report published by Canadian law professor, Richard McLaren, last year also claimed that the controversial sponsorship with the Russian energy giants saved IBA.

“The financial input by Gazprom put an end to the jeopardy that AIBA put itself in and saved it from financial collapse,” the McLaren Report said.

However, that has not stopped the International Federation from splashing the cash.

All 52 losing quarter-finalists received $3,000, with Kremlev insisting that supporting the athletes and providing the right conditions for the boxers is a priority for the organisation.

The quarter-finalists also received boxing gloves with the Tashkent 2023 branding.

“IBA will stand for every boxer, for your right to represent your country,” Kremlev said.

“We will support you with prize money so you are able to provide for your families and secure your future.”

Asked about how the IBA can offer a big sum as prize money despite the Gazprom contract ending, Kremlev said during the media conference on day one that “licence” for hosting the World Championships plays a big role.

At the 2023 edition of the World Boxing Championships, gold medalists will receive $200,000, silver and bronze medalists will earn $100,000 and $50,000 respectively in Tashkent.

Kremlev also announced that he plans to increase the prize money for gold medalists of the men’s event to $1 million by 2027.

IBA Secretary General and Chief Executive, George Yerolimpos, added that the governing body has recently secured a six-year deal with sports equipment manufacturer, Sting Sports, and “10 big names in the sports industry.” –Insidethegames.biz