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The International Boxing Association (IBA) has said it will offer prize money to all Olympic medallists at Paris 2024 this summer.
The announcement comes even though the body will not be in charge of the sport in Paris after being stripped of recognition by the International Olympic Committee (IOC) in June last year. It came after a years-long dispute fuelled by the organisation defying advice and instructions from the IOC.
IBA president Umar Kremlev suggested that $100,000 will be awarded to gold medallists, while silver and bronze medals will take home $50,000 and $25,000 respectively.
Boxers who lose in the quarter-finals and finish fifth will each receive $10,000, with half the money going directly to the athlete and the other 50 per cent shared between coaches and the fighter’s national federation.
“Our athletes and their efforts must be appreciated,” Kremlev said in a statement on Wednesday. “The IBA offers opportunities and invests considerably in our boxers, they remain as the focal point, and we will continue to support them at all levels.
“We pride ourselves on being among the pioneers in rewarding the athletes for their Olympic successes. As IBA president, I will always fight for our athletes’ well-being, and this step is consistent in terms of the existing commitments we have already taken.”
Chris Roberts, the IBA’s secretary general and CEO, added: “We are setting a clear example for many on how international federations should be treating their champions.
“This is real support with real actions, a thing that has become rare in the international sports environment. We are happy to be the lead sport to have this opportunity to support our boxers and reward them for their hard work and dedication.”
The announcement makes boxing the second sport at the upcoming Games to offer prize money to athletes after World Athletics announced last month it would reward track and field gold medallists with a $50,000 bonus. The move was criticised by IOC President Thomas Bach, with the organisation also questioning Wednesday’s announcement from IBA.
“The IOC has taken note of the decision by the IBA with regard to prize money,’ a spokesport told the Daily Mail. “As always with the IBA, it is unclear where the money is coming from. This total lack of financial transparency was exactly one of the reasons why the IOC withdrew its recognition of the IBA.”
Boxing is currently set to be removed from the Olympic schedule for the Los Angeles Games in 2028 unless changes are made to its international governing body.
