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BERLIN (REUTERS) – The Worldwide Boxing Affiliation (Aiba) mentioned on Wednesday (Might 26) it had repaid a US$10 million (S$13.2 million) debt to Azeri firm Benkons LLC, with the governing physique attempting to revive its standing after years of economic irregularities and governance points.
Aiba additionally introduced a brand new two-year sponsorship take care of Russian vitality agency Gazprom which it hopes will assist present much-needed monetary stability.
The affiliation was suspended in 2019 by the Worldwide Olympic Committee (IOC) and stripped of any involvement within the qualifiers and event for the Tokyo Video games.
The IOC had mentioned Aiba’s total money owed had reached US$16 million and will rise to as a lot as US$29 million. It had additionally demanded fast governance reforms amongst different.
The US$10 million mortgage from Benkons had been for the now-defunct World Sequence of Boxing enterprise, Aiba has mentioned.
“Monetary points have hung over the management of the game I really like for too a few years,” mentioned Aiba president Umar Kremlev, who took over in December, in a press release. “They’ve even threatened our Olympic future.
“Closing the debt (to Benkons) is a core achievement for our monetary well being and future Olympic prospects. I’m very completely happy that we’ve got been in a position to resolve this and guarantee stability for Aiba.”
The Russian was elected late final 12 months with the duty of implementing sweeping and fast reforms to ensure that it to be recognised by the IOC in time for the Paris 2024 Olympics.
Aiba mentioned revenues from new sponsor Gazprom would assist its monetary help programme for nationwide federations and the game’s continental confederations.
It didn’t present monetary particulars on the scale of the Gazprom deal however mentioned Aiba will probably be distributing US$2 million among the many federations every year as a part of the monetary help programme, whereas an extra US$2.5 million will go into boxing tools to nations.
Every of the 5 Aiba confederations can even obtain annual funds of US$500,000 per 12 months.
Kremlev has pledged to draw revenues of US$50 million over the subsequent two years to rebuild Aiba whereas the IOC has mentioned its standing will probably be reviewed after the Tokyo Video games.
“I promised we might convey monetary stability this manner, via cash from clear and really respectable sources and that is precisely what we’ve got achieved,” Kremlev mentioned.
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