IBA President Umar Kremlev has shared that the Olympic gold medalists will become eligible to fight for the champions’ titles at IBA Champions’ Night events.
‘The Olympics will serve as a qualifying round for the finalists who will earn the right to compete for the IBA World Champion title, with a prize fund of over $13,000,000 for 13 main weight categories, of which 7 are men’s and 6 are women’s,’ President claimed.
The International Boxing Association (IBA) leadership has taken a bold decision to award all Olympic champions and medalists of Paris 2024 allotted prize money. The unprecedented move in the history of the sport is aimed at supporting the athletes, coaches, and National Federations, as well as underlining IBA’s commitment to delivering the best support for its athletes, based on their hard work and dedication to the sport of boxing.
‘We support all our athletes participating in the 2024 Olympics, and on behalf of the entire international boxing community, I am extremely proud to announce that all Paris gold medalists 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 equaling more than $3.1 million USD distributed to over 100 boxers,’ IBA President Umar Kremlev stated.
‘Our athletes and their efforts must be appreciated,’ President Kremlev continued. ‘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. ‘We pride ourselves on being among the pioneers in rewarding the
athletes for their Olympic successes,” IBA President Kremlev emphasized.