In a first, the International Boxing Association (AIBA), on Thursday, announced a USD 2.6 million prize fund for next month's world championships in Serbia, where the gold-winners will walk away with a cheque of USD 100,000.
The marquee event starts on October 24 in Belgrade. India will be represented by the gold-winners of its ongoing national championships.
"The prize money fund has been set at USD 2.6 million. The prize for first place is USD 100 000 USD. Silver medallists receive USD 50 000, and both bronzes in each weight category receive USD 25 000," read a statement from the governing body.
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AIBA President Umar Kremlev said the move is part of his efforts to place boxers at the core of all plans.
"It is the first time AIBA will reward medallists of the World Championships financially, and this is how it should be. This money is well-deserved taking into account the years of preparations required to earn a place at AIBA's top tournament and the efforts made," he said.
"We know this development will be a major benefit for our boxers. Not only should they be successful in the ring, but also self-sufficient and prosperous," he added.
AIBA secretary-general Istvan Kovacs echoed the President and said that this initiative is important for the boxers who are working hard.
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"AIBA provides its athletes with a fair chance to earn a living as well as to have extra motivation. I know how much these possibilities mean for boxers.
"I am happy for those who are having this chance now and to be leading the way AIBA is making these opportunities happen for today's athletes. It's a big step toward our big goal to build a sustainable boxing pathway," he said.
The tournament will feature the rejigged weight categories, increased from 10 to 13 in July by AIBA.
The finals will be held on November 5 and 6.
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