IBA makes 50% increase in prize money for World Boxing Championships

In what can only be described as a monumental and historic day for the sport of boxing, the International Boxing Association (IBA) has increased its prize pool by an enormous 50% for the impending 2023 World Championships slated for Tashkent, Uzbekistan from May 1-14.

This was confirmed by an official release from the local governing authority, the Guyana Boxing Association.

Although several notable initiatives inclusive of the impending launches of the Global Boxing Forum, and the IBA Development and Training Office in the UAE, were announced by IBA President Umar Kremlev, the most inspired declaration was the expansion of the prize money for the gold, silver and bronze medal winners.

The gold medalist will be awarded US$200,000, with the silver, and bronze medallists bestowed US$100,000, and US$50,000 respectively. In total, a record US$5.2 million will be awarded during the tournament, which is a historic feat, and is an increase of approximately 50% to the previous prize pool of US2.6 million.

“For the first time in history, we will have a record prize money fund, $5.2 million USD. For the first place, the award is $200,000 USD, for the second place $100,000 USD, and for each bronze medalist $50,000 USD”, Kremlev said.

The prize monies mark a 100 percent increase from the last World Championship where a gold medal was worth US$100,000.

Meanwhile, GBA President Steve Ninvalle, declared that the announcement is nothing short of extraordinary, and emanates on the heels of fruitful consultation and discourse within the IBA family under the astute leadership of Kremlev.

He stated, “Context is important, what we are witnessing when it is brought into existence, is a game-changing initiative for amateur boxing led by President Kremlev following discussions with all and sundry within the IBA family for the betterment, sustainability and overall viability of the sport. This is a marvellous day for amateur boxing.”

According to Ninvalle, “We are entering a realm where the financial opportunities are endless for amateur boxing. Perspective is key, this announcement provides the avenue and platform for a life-changing reality for boxers especially those from the Caribbean region and local shores.

Any medalist, especially a gold medal winner essentially can secure or be on the path of achieving generational wealth, as most combatants emanate from the working class strata. This announcement cannot be understated, and should be heralded, as it provides the prospect for amateurs to achieve financial and security through sporting accomplishments.”

Presently, middleweight ‘Dynamite’ Desmond Amsterdam, following his exploits at the Commonwealth Games, as well as bronze medal attainments at the Americas Boxing Confederation (AMBC) Championship, and South American Games, is the highest-ranked local IBA pugilist on 23rd.

Keevin Allicock, who also secured a bronze medal at the South American Games, is ranked 54th in the featherweight division.