Boxing governing body promises $50,000 prize to Paris Olympic gold medalists

The boxing governing body that the International Olympic Committee doesn't like said it will give $50,000 to each gold medalist at the Paris Games. They have $3.1 million to give to male and female boxers who reach the quarterfinals in 13 weight classes, along with their coaches and national teams. The money comes from the IBA, led by Russian president Umar Kremlev, with support from Gazprom. The IBA also promised $200,000 for gold medalists at the 2023 world championships and plans to give more in the future. The International Olympic Committee cut ties with the International Boxing Association last year and didn't let them help with the Paris tournaments. The IBA's money source is unclear, but they are determined to support their athletes. The IOC didn't agree to pay track and field gold medalists in Paris but will pay silver and bronze medalists in 2028 at the Los Angeles Olympics. The IBA plans to reward Paris medalists at a special ceremony after passing anti-doping tests. Traditionally, prize money for Olympic medalists comes from state governments and national teams, not directly from the IOC. The IBA won't get money from the IOC's Paris revenues, and a new organization called World Boxing is being created to govern Olympic boxing. The IOC wants a new international body for boxing by early 2025 to keep it in the Los Angeles program, but the IBA disagrees. The IBA believes they are showing how international federations should treat their champions.