Following in the footsteps of World Athletics, the International Boxing Association (IBA) announced on Wednesday, May 29 that it plans to pay medallists at the Paris 2024 Olympic Games, while also guaranteeing them rights to future title fights, a groundbreaking decision in the sport.
Insidethegames reported that just 58 days before the Paris Games are about to start, another fight between those who defend the right of athletes to monetary compensation in elite sporting events and others who consider such financial transactions a historic break from Baron Pierre de Coubertin’s original concept of amateurism has begun.
It is not in a ring, but rather in the court of public opinion where IBA president Umar Kremlev has opted to fight this battle for what he calls “transparency and fairness” in the world of sport.
IBA’s latest swing came mid-week, as it announced in an official statement its bold decision to award all Olympic champions and medallists of Paris 2024 allotted prize money, an unprecedented move in boxing’s history, “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”.
The Olympic Games already allow professional boxers to compete after many years of only accepting amateur participation. The transition, which started in the 2016 Rio Games, followed the path of other team sports like football or basketball but has not yet included the payment of prize money to all athletes, a delicate issue that still sparks fierce debate among officials, media members, fans and, of course, its expected main benefactors, in this case, boxers.
‘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 (€92,000). Out of this amount, the athlete will receive $50,000, their National Federation will receive $25,000 (€23,000), 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 (€11,500) will go to the athlete, and $12,500 will again be distributed evenly,” Kremlev detailed in IBA’s statement. “Additionally, athletes who lost in the quarter-finals and finished 5th, will each receive $10,000 (€9.200) from IBA, making the total prize money fund commitment equalling more than $3.1 million (€2.8 million) distributed to over 100 boxers.”
IBA and other international federations and associations have often wondered aloud why most, if not all of the International Olympic Committee’s budget is destined for national Olympic Committee executives instead of the main protagonists who sacrifice their bodies for the good of the sport. A passionate debate has ensued, with many advocating for a more realistic 21st Century approach to the Games, rather than Coubertin’s more romantic and inevitably dated view of Olympism.
“Our athletes and their efforts must be appreciated. 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,” Kremlev insisted.