IBA to offer prize money to all Olympic boxing medallists

Shutterstock

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

The body is not organising the boxing tournament at the Paris Olympics after it was stripped of recognition by the International Olympic Committee (IOC) last year.

Based on the placings of boxers at the July 26-Aug 11 Games, the IBA said it will award $100,000 to gold medallists, $50,000 for silver medals and $25,000 for bronze.

The move follows that of World Athletics, which in April announced it would be the first governing body to offer $50,000 in prize money for its Olympic champions, starting in Paris 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 over its failure to complete reforms on governance, finance and ethical issues.

The boxing tournaments at the Paris Games are being organised by the IOC.

More from Sports News

  • Norris on pole in Brazil with Verstappen 17th

    McLaren's Lando Norris took an emphatic pole position at the Sao Paulo Grand Prix on Sunday after Red Bull rival Max Verstappen qualified only 17th in a wet and crash-strewn session at Interlagos.

  • New Zealand beat India to complete famous 3-0 sweep

    New Zealand completed an unprecedented 3-0 series sweep in India as the Black Caps dismissed the hosts for 121 on a tricky wicket to secure a 25-run victory on day three of the third and final test in Mumbai on Sunday.

  • Man United appoint Ruben Amorim as head coach

    Manchester United have named Portuguese Ruben Amorim as head coach to replace Erik ten Hag, the Premier League club said on Friday, hoping one of Europe's brightest young managers can restore them to former glories.

  • New Zealand fight back against India in third test

    New Zealand's Daryl Mitchell and Will Young made half-centuries in energy-sapping conditions but the tourists were restricted to 235 by Ravindra Jadeja's five-wicket haul before India reached 86-4 on the first day of the third test in Mumbai on Friday.

  • LaLiga clubs to help raise money for victims of Spain's flash floods

    LaLiga and its clubs will help raise funds for the Red Cross to support those affected by the flash floods which haveĀ killed at least 158 peopleĀ in Spain by publicising a campaign during match broadcasts this weekend and through their social media accounts.

On Virgin Radio today

  • Eddie

    4:00pm - 7:00pm

    Playing 10 hits in a row every hour, all weekend!

  • American Top 40

    7:00pm - 10:00pm

    The biggest hits of the week direct from the USA

Trending on Virgin Radio

  • Mystery Voices

    Guess the 5 celebrities and score a heap of cash on Virgin Radio's Mystery Voices.

  • ARN News Centre

    Get the latest UAE and world news from our award winning team of journalists. The ARN News Centre is the country's most trusted source of information.

  • Untold Dubai

    It arrived: The UAE's First Mega Music Festival at Expo City Dubai!

  • Bassem Youssef

    One of the most talked about comedians in the world takes over The Kris Fade Show. Watch the full interview here...