The International Boxing Association (IBA) announced on Wednesday that it will offer prize money to all Olympic champions and medallists at this year's Paris Games.
Although the IBA is not organizing the boxing tournament at the Paris Olympics, having been stripped of recognition by the International Olympic Committee (IOC) last year, it will still award $100,000 to gold medallists, $50,000 to silver medallists, and $25,000 to bronze medallists based on their placings at the July 26-August 11 Games.
This initiative follows World Athletics' April announcement that it would be the first governing body to offer $50,000 in prize money for its Olympic champions, starting with the Paris Games this year.
"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," IBA President Umar Kremlev said in a statement.
"Our athletes and their efforts must be appreciated. The IBA offers opportunities and invests considerably in our boxers, they remain as the focal point, and we will continue to support them at all levels."
The IOC decided in June to strip the IBA of recognition due to its failure to complete necessary reforms regarding governance, finance, and ethical issues. Consequently, the boxing tournaments at the Paris Games are being organized by the IOC.
(With Reuters inputs)
