In the latest announcement, Mr. Umar Kremlev, President of the International Boxing Association (IBA) announced the bonus for fighters attending the Paris Olympic Games. More notably, IBA still spends the budget for boxers, although they no longer manage Boxing at the Olympic level.
“We support all athletes attending the 2024 Olympic Games, and the National Boxing Federation they represent. With the goal of ensuring the rights of the international boxing community, IBA will reward money for high -ranking athletes in the upcoming tournament in Paris,” said Umar Kremlev.
According to the IBA chairman, the organization will give a bonus up to $ 100,000 to a gold medal. The championship receives $ 50,000, the coach is in charge of receiving $ 25,000, and the remaining 25,000 USD belongs to the National Boxing Federation. This is an unprecedented reward in the history of amateur boxing.
In case the athletes win the gold medal, they will receive $ 25,000, and the remaining 25,000 USD are divided equally to the National Boxing Coach and Union. The same reward level is applied to the athletes with a bronze medal, with a total bonus of 25,000 USD. Even when the athletes reached the quarterfinals, they were entitled to $ 10,000.
With that calculation, IBA is expected to spend US $ 3.1 million bonuses for more than 100 boxers to attend the Paris Olympic Games. This is completely unrelated to the International Olympic Committee (IOC), as well as the World Boxing, the World Federation was established by IOC to manage the Boxing level of the Olympic level instead of IBA.
Another incentives set by IBA for the Paris Olympic champions, which is that they are specially played a belt match at the series of IBA Champions' Night. This is a series of tournaments created by IBA to find a world champion, and a reward of up to $ 1 million for each gold medal.