Paris Olympics 2024: Rogue Governing Body Promises Cash Prizes To Summer Games' Boxing Medalists

The boxing governing body declared rogue by the International Olympic Committee said Wednesday it will pay $50,000 in prize money to each gold medalist at the Paris Games. (More Sports News)

The cash promise is doubly confrontational for the IOC, which has severed ties with the International Boxing Association and does not approve of governing bodies paying prize money to Olympic medalists.

The IBA said it has a $3.1 million prize money fund for each male and female boxer who reaches the quarterfinals in 13 total weight classes, plus their coaches and national teams.

The coach and national team of each Olympic boxing champion will both get $25,000, and the scale of payments goes down to $10,000 in total for each quarterfinalist.

The source of the money is unclear but the IBA led by its Russian president Umar Kremlev has been supported by the country's state energy firm Gazprom. The IBA promised $200,000 for gold medalists at its 2023 world championships and committed to future increases.

“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,” Kremlev said in a statement.

The Olympic body did not support a pledge in April by World Athletics to pay $50,000 prize money to each of the 48 gold medalists in track and field in Paris. It has promised also to pay silver and bronze medalists in 2028 at the Los Angeles Olympics.

The IOC has de-recognized the IBA, which will not be involved in organizing bouts in Paris for the second straight Summer Games.

The IOC cited its concerns about the boxing body's governance, reliance on funding from Gazprom, and the integrity of judges and bouts at the 2016 Rio de Janeiro Olympics. Those games were organized when the boxing body was led by a longtime IOC member, C. K. Wu.

Paris medalists are set to be rewarded at “a special awards ceremony,” IBA said, after “successful passing of respective anti-doping procedures.”

The IOC was contacted for comment.

Prize money to Olympic medalists has traditionally been paid by state governments and national teams though not directly from money sourced to the IOC, which prefers governing bodies invest in developing their sport below the elite level.

World Athletics said its $2.4 million prize fund for champions in Paris would come from its share of the IOC's revenues. Track's $39.5 million payment for the Tokyo Olympics held in 2021 was the largest amount of a $540 million fund allocated by the IOC.

Boxing's share of Olympic revenues from Tokyo was due to be more than $17 million but was held back by the IOC, which had to oversee running the qualifying and finals tournament bouts.

The IBA also will not get money from the IOC's Paris revenues and a rival organization of national federations, called World Boxing, is being established to become the recognized governing body of Olympic boxing.

“We are setting a clear example for many,” the IBA's chief executive Chris Roberts said, “on how international federations should be treating their champions.”