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The International Boxing Association (IBA) has announced that it will offer prize money to all medallists at this summer's Paris 2024 Olympic Games.
The announcement comes despite the organisation being stripped of its recognition by the International Olympic Committee (IOC) in June last year and no longer being responsible for the Olympic Games in Paris. It comes after years of controversy fuelled by the organisation's ignorance of IOC advice and instructions.
IBA President Umar Kremlev suggested that gold medalists would be awarded $100,000, while silver and bronze medalists would receive $50,000 and $25,000, respectively.
Boxers who lose in the quarterfinals and come in fifth place will each receive $10,000, half of which will go directly to them and the other 50 percent will be split between their coach and their national federation.
“Our athletes and their efforts must be recognized,” Kremlyov said in a statement on Wednesday. “The IBA provides opportunities and invests heavily in our boxers. They remain at the heart of the organization and we will continue to support them at all levels.”
“We are proud to be among the pioneers in rewarding athletes for their Olympic success. As IBA President, I will always fight for the well-being of our athletes. This step is consistent with our existing efforts.”
IBA Secretary General and CEO Chris Roberts added: “We are setting a clear example to many of us on how an international federation should treat its champions.”
“This is real support through real action, something that is rare in the international sporting world. We are pleased to be a leading sport with the opportunity to support our boxers and reward their hard work and dedication.”
The announcement makes boxing the second sport at the upcoming Olympics to offer prize money to athletes. World Athletics announced last month that track and field gold medalists would receive a $50,000 bonus. The move was criticized by IOC President Thomas Bach, who also questioned the IBA's announcement on Wednesday.
“The IOC is closely monitoring the IBA's decision regarding prize money,” a spokesman told the Daily Mail. “As is always the case with the IBA, the source of prize money is unclear. This complete lack of financial transparency is one of the reasons why the IOC has withdrawn its recognition of the IBA.”
Boxing is set to be dropped from the Olympic Games at the 2028 Los Angeles Games unless there is a change in international governing body.
