IBA to offer prize money to all boxing medallists at Paris Games

The International Boxing Association (IBA) will offer prize money to all Olympic champions and medallists at this year’s Paris Games, the body announced on Wednesday.

REPRESENTATIVE IMAGE: Paris gold medallists in the boxing tournament will receive a substantial financial reward of USD 100,000. | Photo Credit: REUTERS

The boxing governing body, International Boxing Association (IBA), declared rogue by the International Olympic Committee, said Wednesday it will pay USD 50,000 in prize money to each gold medalist at the Paris Games.

The cash promise is doubly confrontational for the IOC, which has severed ties with the IBA and does not approve of governing bodies paying prize money to Olympic medalists.

The IBA said it has a USD 3.1 million prize money fund for each male and female boxer who reaches the quarterfinals in 13 total weight classes, plus their coaches and national teams.

The coach and national team of each Olympic boxing champion will both get USD 25,000, and the scale of payments goes down to USD 10,000 in total for each quarterfinalist.

The source of the money is unclear but the IBA led by its Russian president Umar Kremlev has been supported by the country’s state energy firm Gazprom. The IBA promised USD 200,000 for gold medalists at its 2023 world championships and committed to future increases.

“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,” Kremlev said in a statement.

The Olympic body did not support a pledge in April by World Athletics to pay USD 50,000 prize money to each of the 48 gold medalists in track and field in Paris. It has promised also to pay silver and bronze medalists in 2028 at the Los Angeles Olympics.

The IOC has de-recognized the IBA, which will not be involved in organizing bouts in Paris for the second straight Summer Games.

The IOC cited its concerns about the boxing body’s governance, reliance on funding from Gazprom, and the integrity of judges and bouts at the 2016 Rio de Janeiro Olympics. Those games were organized when the boxing body was led by a longtime IOC member, C. K. Wu.

Paris medalists are set to rewarded at “a special awards ceremony,” IBA said, after “successful passing of respective anti-doping procedures.” The IOC was contacted for comment.

Prize money to Olympic medalists has traditionally been paid by state governments and national teams though not directly from money sourced to the IOC, which prefers governing bodies invest in developing their sport below the elite level.

World Athletics said its USD 2.4 million prize fund for champions in Paris would come from its share of the IOC’s revenues. Track’s USD 39.5 million payment for the Tokyo Olympics held in 2021 was the largest amount of a USD 540 million fund allocated by the IOC.

Boxing’s share of Olympic revenues from Tokyo was due to be more than USD 17 million but was held back by the IOC, which had to oversee running the qualifying and finals tournament bouts.

The IBA also will not get money from the IOC’s Paris revenues and a rival organization of national federations, called World Boxing, is being established to become the recognized governing body of Olympic boxing.

“We are setting a clear example for many,” the IBA’s chief executive Chris Roberts said, “on how international federations should be treating their champions.”