For the first time in its 75-year history, the International Boxing Association (AIBA) will award medalists at the AIBA Men’s World Boxing Championships in Belgrade, Serbia, with prize money, from a $2.6m total prize fund.
The prize money, an unprecedented amount from AIBA, will be split among the medal winners in all eight weight categories at the upcoming world championships, held from the opening ceremony on at Štark Arena October 24 to the finals on November 5-6.
The finalist will receive most money, with gold medalists and eventual world champions receiving $100,000 and silver medalists getting $50,000, while both bronze medal winners, which are the pair of losing semi-finalists in each weight category receive $25,000.
“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.
"We know this development will be a major benefit for our boxers. Not only should they be successful in the ring, but also self-sufficient and prosperous."