As is being reported by ESPN, the international men’s boxing competition — the world championships, which will be held in Serbia from Oct. 24 to Nov. 6 — will now feature cash prizes of up to $100,000 by the International Boxing Assosciation, marking the first time in history the amateur competition will feature such prolific monetary gain (which has traditionally marked the line between the amateur and professional ranks).
According to AIBA there will be a total fund of $2.6M to cover the cash prizes for medalists in every category, with the gold place winner taking the $100k, the silver taking $50k, and $25k for the bronze winner. Unfortunately it seems this initial endeavor will only apply to the mens competition for the time being.
“It is the first time AIBA will reward medalists of the world championships financially, and this is how it should be,” AIBA president Umar Kremlev said. “This money is well-deserved taking into account the years of preparations required to earn a place at AIBA’s top tournament and the efforts made.”
AIBA has actively been trying to restore it’s image after being suspended by the International Olympic Committee and prevented from playing any organizing role in the Toyko Olympics following its numerous judging controversies in the past.