IBA to offer prize money to all Olympic boxing medallists

The International Boxing Association (IBA) will offer prize money to all those who become Olympic champions and medallists at this year's Paris Games, the body announced on Wednesday.

The body is not organising the boxing tournament at the Paris Olympics after it was stripped of recognition by the International Olympic Committee (IOC) last year.

Based on the placings of boxers at the July 26-Aug 11 Games, the IBA said it will award $100,000 to gold medallists, $50,000 for silver medals and $25,000 for bronze.

The move follows that of World Athletics, which in April announced it would be the first governing body to offer $50,000 in prize money for its Olympic champions, starting in Paris this year.

"Paris gold medallists in the boxing tournament will receive a substantial financial reward of $100,000. Out of this amount, the athlete will receive $50,000, their National Federation will receive $25,000, and their coach will receive $25,000," IBA President Umar Kremlev said in a statement.

"Our athletes and their efforts must be appreciated. The 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."

The IOC decided in June to strip the IBA of recognition over its failure to complete reforms on governance, finance and ethical issues.

The boxing tournaments at the Paris Games are being organised by the IOC.