The IBA said a gold medallist in Paris will get $50,000, while the silver and bronze medallists are set to get $25,000 and $12,500 (Image used for representational purposes)
The IBA said a gold medallist in Paris will get $50,000, while the silver and bronze medallists are set to get $25,000 and $12,500 (Image used for representational purposes)

IBA announces prize money for Olympic medallists, IOC raises transparency issue

Taking note of the decision, the IOC raised doubts about the source of the IBA's funds. "As always with the IBA, it is unclear where the money is coming from," the IOC said in a statement to The New Indian Express.

CHENNAI: THE International Olympic Committee (IOC) and the International Boxing Association (IBA) could be at loggerheads once again. In what could be seen as a cynical move, the IBA has announced prize money for Olympic medallists in Paris (World Athletes are set to reward gold medallists). The catch, however, is that the boxing world body is not recognized by the International Olympic Committee (IOC) and is not involved in organising the event either.

With less than two months to go for the Games, IBA president Umar Kremlev said the gold medallists will become eligible to fight for the champions’ titles at IBA Champions’ Night events too. He said that the prize fund is over $13 million for 13 main weight categories, of which seven are men’s and six women’s. The Olympics will serve as a qualifying round for the finalists.

In Paris, the IBA said, a gold medallist will get $50,000, while the silver and bronze medallists are set to get $25,000 and $12,500. The total prize money will $3.1 million to be distributed among 100 boxers.

Taking note of IBA's decision, the IOC raised doubts about the source of IBA's funds. It is to be noted that the World Athletics said they would be using revenue shared by the IOC after Tokyo Olympics for prize money.

"As always with the IBA, it is unclear where the money is coming from," the IOC said in a statement to this daily. "This total lack of financial transparency was exactly one of the reasons why the IOC withdrew its recognition... The IBA was not prepared to transparently explain the sources of its financing..."

The IOC also explained that the IBA has no involvement with the Paris Olympics Games (neither in qualification or hosting). "The qualifications and the Olympic tournaments were and are being organised by boxing units set up by the IOC, to protect the athletes, the National Boxing Federations and their respective National Olympic Committees (NOCs). For all these reasons, boxing is currently not on the sports programme of the Olympic Games LA28."

The IOC has also said that "any boxer whose National Federation adheres to the IBA will not be able to participate in the Olympic Games LA28. The respective NOC will have to exclude such a National Boxing Federation from its membership."

On the other hand, the IBA statement also said that the historic move is aimed at supporting the athletes, coaches, National Federations, as well as underlining IBA’s commitment to delivering the best support for its athletes. The money will not just go to the boxer, but the IBA chief said that portions of the prize money will be given to the National Sports Federation (NSFs) and coaches as well.

“I am extremely proud to announce that all Paris gold medallists in the boxing tournament will receive a substantial financial reward of $100,000. Out of this amount, the athlete will receive $50,000, their National Federation will receive $25,000, and their coach will receive $25,000. For a silver medal, $50,000 prize money will be awarded, with the athlete receiving $25,000, and the remaining $25,000 being distributed evenly between the coach and the National Federation. For a bronze medal, we will provide $25,000, of which $12,500 will go to the athlete, and $12,500 will again be distributed evenly. Additionally, athletes who lost in the quarterfinals and finished 5th, will each receive $10,000 from IBA, making the total prize money fund commitment equalling more than $3.1 million distributed to over 100 boxers,” said Kremlev.

It needs to be seen how it pans out finally.

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