La International Boxing Association (IBA) has made the decision – “bold”, as they share in a news item on their website – to award cash prizes to all Olympic champions and medalists of the Paris 2024 Games. “This unprecedented measure in the history of sport aims to support athletes, coaches and national federations, as well as underline the commitment of the IBA to provide the best support to its athletes, based on their hard work and dedication to the sport of boxing.
The curious thing about this whole situation is that the IBA is no longer recognized by the International Olympic Committee and therefore has nothing to do with the organization of its boxing competitions. This organization had provisionally withdrawn recognition since 2019, and In 2023 the IOC Assembly voted to make this measure final. According to the Olympic institution, “a point of no return” was reached related to what they called “governance problems.”
The president of the IBA, Umar Kremlevhas also shared that Olympic gold medalists will be eligible to fight for champion titles at IBA Champions Nightslike the one held in Madrid at the beginning of the month. “The Olympic Games will serve as a qualification round for the finalistswho will obtain the right to compete for the title of IBA world champion, with a prize fund of more than $13 million for the top 13 weight classes (7 male and 6 female)”.
DISTRIBUTION OF PRIZES TO THE MEDALISTS
Kremlev, has specified how the prizes will be distributed: “I am extremely proud to announce that all the Paris gold medalists in the boxing tournament they will receive a significant financial reward of 100,000 dollars. Of this amount, the athlete will receive $50,000, his National Federation will receive $25,000 and his coach will receive $25,000.. By a silver medala cash prize of $50,000, the athlete will receive $25,000 and the remaining $25,000 will be distributed equally between the coach and the National Federation. By a bronze medalwe will provide $25,000, of which $12,500 will go to the athlete, and $12,500 again will be distributed equally. Besides, the athletes who lost in the quarterfinals and finished fifth will each receive $10,000 from the IBA, making the total commitment of the prize fund equal to more than $3.1 million distributed to more than 100 boxers,” said the IBA president.
