IBA to pay prize money to boxing Olympians based on their Paris 2024 placings
May 29th, 2024 / IBA, Paris 2024
IBA President Umar Kremlev shared that the Olympic gold medallists 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 medallists 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 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. 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 equalling 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. As IBA President, I will always fight for our athletes’ well-being, and this step is consistent in terms of the existing commitments we have already taken. I am looking forward to this opportunity to honour the new champions, medallists, and quarter-finalists from Paris 2024,’ he added.
The IBA announced prize money for Paris following its multiple statements on the necessity of the move. The IBA is proud to be at the forefront in offering a tangible reward for all quarter-finalists of the 13 weight categories made available for this event.
Chris Roberts OBE, IBA Secretary General and CEO, said that the decision is taken to support the boxers ‘with absolute actions, and not words.’ IBA continues to be the tour de force in this area of support, and we continue with our work in this space.
‘We are setting a clear example for many on how International Federations should be treating their champions. This is real support with real actions, a thing that has become rare in the international sports environment. We are happy to be the lead sport to have this opportunity to support our boxers and reward them for their hard work and dedication,’ Roberts OBE said.
A special awards ceremony to honor the Paris Olympic medallists will be announced shortly. The winners will be awarded IBA prize money following their successful passing of respective anti-doping procedures.
