Kremlev stated that the “sports authorities” recommended the IBA to terminate the contract, but the International Federation chose to complete the obligations.
“Our contract with Gazprom ended in December 2022,” Kremlev said.
“We are grateful to them for helping us in a difficult period. In June or July, we will have a new sponsor, but for now there is no contract with Gazprom.
“Some sports authorities gave us recommendations regarding the completion of the contract with Gazprom and its termination. We did not terminate the contract, because there were obligations to complete.
“Most of the national federations were against Gazprom being a sponsor at the beginning, but at the Congress (IBA) in Abu Dhabi there were no objections. Starting today, we have a lot of other companies sponsoring us.
“We also negotiate with larger companies. We will extend [cu Gazprom] if there will be an opportunity. We are grateful to Gazprom.
The deal with Gazprom was one of Kremlev’s first achievements when he became IBA president in December 2020.
This has been a source of displeasure for the International Olympic Committee (IOC), and the situation worsened after the Russian invasion of Ukraine last February.
Apart from governance and arbitration issues, one of the main concerns for the IOC was the finances of the IBA.
The IBA was suspended in 2019 and the governing body was on the brink of “financial bankruptcy” under former president CK Wu when the governing body was called the International Amateur Boxing Association (AIBA).
Boxing’s governing body has claimed in the past that the sponsorship with Gazprom “closed a significant debt accumulated by the CK Wu regime”.
A report published last year by Canadian law professor Richard McLaren also claimed that the controversial sponsorship with Russian energy giants saved the IBA.
“Gazprom’s financial contribution put an end to the danger AIBA was in and saved it from financial collapse.
“Regardless of the debate over the source of the funds, it has ensured the continued survival of the IBA,” the McLaren report states.
Asked how the IBA can offer a large amount of prize money despite the conclusion of the contract with Gazprom, the Russian official said that the “license” to host the World Championships contributes to the prize money.
At the World Men’s Boxing Championships here, the gold medalists will receive $200,000.
The silver and bronze medalists will win 100,000 dollars and 50,000 pounds, respectively, in Tashkent.
The Russian official also said that he intends to increase the prize for the gold medalists to 1 million dollars.
“The money from the host license is the financial source for the prize money,” Kremlev said.
“We have television rights. About 120 TV licenses have been sold. We also have marketing money.
“Boxing is popular. It doesn’t require a lot of public relations. Fortunately, many companies are willing to sponsor boxing.”
IBA General Secretary George Yerolimpos added that the governing body had recently secured a six-year contract with sports equipment manufacturer Sting Sports.
Also, the Greek administrator added that a four-year contract with the German sports brand Adidas was secured.
“In total, 10 big names from the sports industry have joined us,” Yerolimpos said, as quoted by insidethegames.
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