Steve Ninvalle, President of the Guyana Boxing Association (GBA), praised the decision of the International Boxing Association (IBA) to invest in excess of USD$80 million in prize money for the next four-year cycle.
This was stated in an official release from the GBA.
Ninvalle said, “To designate or describe this decision by IBA as transformative and historic would be an understatement. With this policy implementation, amateur boxing, whose trajectory on the respective local and international circuits has been on a steep upward climb, has further solidified its status as a genuine alternative and a lucrative alternate to the professional realm.”
He further stated, “Surely the possibilities are endless. Here is an avenue for boxers of any persuasion and nationality to establish generational wealth without the hindrances and inhibitions that often plague the professional strata. No longer can the amateur aspect of this storied discipline be viewed as a substandard past-time or brutish hobby and endeavour, but must be looked upon as a tangible and definitive career option. The GBA lauds the decision of the IBA under the stewardship of President Umar Kremlev, who have indisputably displayed unwavering commitment in the development of the sport and its primary and most important capital and resource, its boxers.”
On May 4th, IBA announced this landmark decision for the next four-year cycle, which ends in 2028. The decision, which occurred in Madrid, Spain, was approved by IBA’s Board of Directors.
“Among the major declarations, the IBA Men’s and Women’s Championships will be staged every other two years, with the prize money for the former pencilled at US$10.4 million per event and the latter pegged at US$4.8 million. The next edition of the IBA Women’s Championship will occur in Astana, Kazakhstan, from September 21–6, 2024, while the male edition is slated for April 2025. In a similar vein, the IBA Youth World Championships will attract a prize fund of US$1 million, with the Junior World Championship slated to occur on an annual basis”, the release stated.
According to the correspondence, a yearly prize fund of US$7,000,000 will also be attached to IBA’s flagship pro-style event, the IBA Champions’ Night, noting elite continental events for both men and women will occur annually on each continent and will also attract a prize fund of US$1,000,000 per event.
The release also stated that youth and junior competitions will be staged every year going forward on each continent.
