The International Boxing Association (AIBA), which has for years been plagued by serious mismanagement, is now debt-free, its president claimed Friday.
According to the AIBA, debt had at one stage exceeded 20 million dollars, and the organisation was on the verge of default.
But according to the controversial newly-appointed AIBA chairman, Russian businessman Umar Kremlev, the amateur boxing governing body attracted sponsors which erased previous debt.
"As of today we have no debts," Kremlev said at a press conference in Belgrade, where the AIBA is organising International Boxing Day.
"We already raised $50 million and fulfilled our promise before the election. International companies are supporting the AIBA, but we are not finished " 50 million is not the limit," he added.
Kremlev, whose real name is Umar Lutfuloev, did not specify which companies donated to his organisation's cause.
He added that AIBA is "working and improving relations" with the IOC who stripped the body of the right to run the event at the Tokyo Olympics due to its tainted image.
Created in 1946, the AIBA has endure multiple controversies, including suspicions of bribing referees at a number of Olympic Games.
Long-time president, Taiwanese Ching-Kuo Wu, was forced to resign in November 2017 after a series of allegations of financial mismanagement.
Kremlev, 38, who took over in December 2020, previously ran a security company and belonged to the "Wolves of the Night", a pro-Kremlin motorcycle group.