The International Boxing Association (IBA) has announced plans to distribute over $3.1 million in prize money to medallists at the upcoming Paris Olympics, a move that has drawn sharp criticism from the International Olympic Committee (IOC).
The IBA’s decision follows World Athletics’ recent announcement to offer $50,000 to Olympic champions, starting this year.
IOC President Thomas Bach voiced his disapproval, suggesting that the funds should be used to support athletes across the board rather than offering prize money to a select few.
“The spirit of the Olympic Games is to create the right conditions for athletes,” Bach stated.
IBA President Umar Kremlev, however, defended the decision, arguing that athletes, who are the main attraction for sponsors, deserve the financial benefits.
“Athletes are the ones who attract sponsors and, of course, all the money should belong to the athletes. That’s the true spirit of the Olympic Games,” Kremlev said.
The relationship between the IBA and the IOC has been strained for years, culminating in the IOC stripping the IBA of recognition last June due to unresolved issues related to governance, finance, and ethics.
The IOC has taken over the organization of boxing tournaments for the Paris Games, as it did for Tokyo, but there are growing concerns that boxing may be excluded from the 2028 Los Angeles Games.
In response to the IBA’s announcement, the IOC questioned the source of the prize money funds, citing the IBA’s lack of financial transparency as a significant issue.
“This total lack of financial transparency was exactly one of the reasons why the IOC withdrew its recognition of the IBA,” the IOC noted in a statement.
