Olympic boxing medalists in Paris promised cash prizes by rogue governing body

GENEVA (AP) — 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.

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.