International Boxing Federation to give cash awards to Olympic medal winners

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On Wednesday, the International Boxing Association (IBA), which has been banned by the International Olympic Committee (IOC), said it will award $50,000 in cash to each gold medallist at the Paris Olympics. The IOC has banned the IBA and has not approved of its decision to award cash prizes to Olympic medallists.

The International Boxing Association (IBA), which has been banned by the International Olympic Committee (IOC), said on Wednesday that it will give a cash prize of $50,000 to each gold medallist at the Paris Olympics. The IOC has banned the IBA and has not approved its decision to give cash prizes to Olympic medallists.

The IBA said it has a prize money of $2.1 million for male and female boxers, their coaches and national teams who reach the quarter-finals in 13 weight categories. Each Olympic boxing champion will be given $25,000 and the quarter-finalists will get $10,000. There is no clarity on the source of the money but the IBA, headed by Russian Boxing Federation President Umar Kremlev, is supported by Russian energy firm Gazprom. The IBA had also promised $200,000 to the gold medal winner at the 2023 World Championships.

The IOC also did not support World Athletics’ decision in April to give $50,000 to the 48 gold medal winners in track and field in Paris. It also announced rewards for silver and bronze medalists at the Los Angeles Olympics. The IOC has de-recognised the IBA and for the second time in a row it will have no role in organising the events at the Olympics.

Disclaimer: CricketInFocus has not edited this news. This news has been published from PTI-language feed.



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