International Boxing Association raises World Championship prizes to $20 million

The International Boxing Association (IBA) has announced a significant increase in prize money for its upcoming World Boxing Championships, raising the total purse to $20 million. This is a substantial jump from the $8 million awarded at the previous championships held in Dubai. Under the new structure, the champion of each weight class will receive $1 million.

Announced during a press conference in Istanbul, IBA President Umar Kremlev also detailed several new initiatives. These include the launch of the President’s Cup in Istanbul this December, featuring $3 million in total prizes, and the ‘IBA Elite’ ranking project. Additionally, Olympic medalists will receive automatic qualification for the IBA World Championships.

Regarding international relations, Kremlev expressed openness to cooperating with ‘World Boxing’ and its president, Gennady Golovkin, specifically regarding the coordination of tournament calendars. In terms of individual bouts, Kremlev supported British boxer Derek Chisora’s proposal to unify the IBA and WBA belts in a planned December fight against Murad Gassiev in the United Kingdom.