By Elias Makori, Managing Editor
In a historic shift that is fundamentally redefining the economics of combat sports, the International Boxing Association (IBA) has launched a massive financial offensive, transforming the global boxing landscape with multi-million-dollar investments designed to put fighter compensation at the forefront.
By aggressively elevating cash incentives for fighters and coaches, the organization is pivoting away from the traditional, low-yield amateur sports model toward a highly lucrative ecosystem where athletes are treated as premium professionals.
This financial revolution takes centre-stage at next month’s President’s Cup in Istanbul, Turkey, which boasts a staggering total prize fund of $3 million, equivalent to 390 million Kenyan Shillings.
The association's massive capital injection is engineered to dismantle the financial hardships that have long plagued tournament fighters. At the Istanbul competition, running from November 25 to December 5, 2026, the financial returns for stepping into the ring are entirely unprecedented.
Gold medalists in each of the 12 weight categories of the IBA competition will pocket a life-changing $100,000 (Sh13 million). Silver medalists will bank 50,000 (Sh6.5 million), while bronze medalists will take home $25,000, equaling (Sh3.25 million).
To ensure that elite performance is rewarded at every stage of the tournament, every single victory from the opening round onward will instantly earn the boxer an extra $1,000 bounty, reflecting Sh130,000 directly into their pockets.
International Boxing Association President Umar Kremlev (centre) speaks from the grand Çırağan Palace Kempinski in Istanbul during a globally streamed press conference on Tuesday. (Photo / Pura Vida Sports Africa)
Stakes Higher Than Before
This major tournament payout, however, is merely a prelude to a much larger financial blueprint. Association President Umar Kremlev announced that the purse for the upcoming World Championships has been drastically expanded from its previous pool of $8 million (Sh1.038 billion) to an astronomical $20 million (Sh2.6 billion).
Under this new structure, the stakes are higher than ever before as every individual gold medalist will become an instant millionaire, walking away with a historic one-million-dollar payout (Sh130 million).
Speaking from the grand Çırağan Palace Kempinski in Istanbul during a globally streamed press conference, President Kremlev emphasized that this capital redistribution is a core ideological mission rather than a temporary promotional stunt.
He noted that the organization has secured a vast network of sponsors, and every cent earned is being funneled back into the athletes and coaches who form the foundation of the sport.
“The main tournament for the IBA is the World Championships. As you will remember, the World Championships in Dubai had a prize fund of eight million US dollars. At the next World Championships, we will have a prize fund of 20 million US dollars. The boxer who takes first place will receive one million dollars," Kremlev said.
"Everything the International Boxing Association earns belongs to the coaches and athletes, because it is thanks to them that our international boxing home exists. We must do everything to ensure the best conditions are created for our athletes," he added.
A screen grab of the livestream of Tuesday's IBA Press Conference. (Photo / Pura Vida Sports Africa)
120 National Federations Register for Congress
IBA Secretary General and CEO Chris Roberts echoed this sentiment, noting that the scale of the upcoming open tournament in Turkey will match the magnitude of a full World Championship, with more than 120 National Federations already registered for the accompanying Congress.
"It (President’s Cup) will be like a World Championships, of equivalent size and scale. It is an open event and it is going to be a real eye-opener. More than 120 National Federations have already registered for the Congress, and we still have weeks to go," Roberts said.
The Istanbul competitions will run alongside the IBA Elective Congress and Global Boxing Forum that will run from December 3 to 6.
The IBA President also made clear that the organisation is open to co-operation with rival World Boxing and its President, Gennady Golovkin, including on the alignment of competition calendars.
Kenya’s boxing federation has already indicated it would send a team to the Istanbul championships next month after hosting World Boxing’s version of the African Championships in Nairobi next week.
The IBA-sanctioned African Championships for elite men and women will be held at the Stade Des Martyrs Gym in Kinshasa from October 19 to November 1.
Olympic champions and medallists will qualify automatically for the IBA World Championships.
IBA President Umar Kremlev: 'The situation with the International Olympic Committee was a ridiculous mistake made by the previous leadership of the IOC (then headed by Thomas Bach).' (Photo / IBA)
State-of-the-art Arena in Tajikistan
The financial muscle of the federation is extending far beyond direct tournament purses into global infrastructure development, digital monetization, and strategic athletic diversification. The organization has committed to constructing a state-of-the-art arena in Tajikistan alongside elite boxing gyms in Dubai and Tashkent, Uzbekistan.
On the digital front, the federation is preparing to launch a dedicated mobile application called "IBA Game" to capture the gaming market, alongside the global distribution of "IBA Punch" strength-testing machines to drive fan engagement in local communities.
Branching into highly profitable alternative combat formats, the association will also host an international bare-knuckle championship in Miami, Florida, this December, serving as a launchpad for five more scheduled bare-knuckle events across the United States next year.
This aggressive commercial positioning comes at a time of immense political transformation for the sport. Following years of acrimonious exile under former International Olympic Committee President Thomas Bach — who expelled the boxing body over governance, refereeing integrity, and financial transparency concerns — the landscape has shifted dramatically.
IBA Secretary General and CEO Chris Roberts speaks during Tuesday's Press Conference in Istanbul. (Photo / Pura Vida Media Limited)
IOC Warming up to IBA
Kremlev warmly welcomed the progressive, independent approach of the newly minted Olympic leadership under former Zimbabwean swimmer Kirsty Coventry, who took the helm at the 144th session in Greece. Kremlev argued that the recent decision to introduce prize money at the Olympic Games explicitly validates the boxing body's long-standing philosophy, proving that the association was right all along.
President Kremlev has since denied any claims of misgovernance, sparing no punches in defending his organisation’s integrity and on Tuesday, he welcomed the approach taken by the current IOC leadership under Coventry who was elected in March last year at the Olympic body’s 144th Session in Costa Navarino, Greece.
“The situation with the International Olympic Committee was a ridiculous mistake made by the previous leadership of the IOC (then headed by Thomas Bach). But the new leadership is very positive and is working to resolve the problems and issues created by the previous management. This is a very positive trend,” Kremlev said.
"They accepted our recommendations regarding gender equality, so it turned out that the IBA was right. We repeatedly suggested prize money at the Olympic Games, and finally they introduced it. Again, it proves the point: the IBA was right. The IOC followed our advice, and we are very happy to see that.
“I am also happy to see that the new leadership of the IOC is addressing the issue of independence. Lately the IOC has been saying that there is no place for politics in sport. This is something the IBA has been saying from the very beginning. Sport is there to unite people.
"I can only sincerely thank the International Olympic Committee for correcting the mistakes and righting the wrongs of the previous leadership. All international sports associations should call only for peace, and the best athletes should be on the podium….
“Right now, all the international associations are trying to correct earlier mistakes, and I am happy to see the reinstatement of Russian sports federations in many sports. This is exactly how it should be. We should be independent in our actions and free of politics," Kremlev said.
The President of the National Olympic Committee of Kazakhstan, 2004 Olympic silver medallist and two-time middleweight world champion, Gennadiy Golovkin, who is also the World Boxing President. In a bid to unite a fracturing sport and eliminate political standoffs, IBA President Umar Kremlev extended an olive branch to the rival World Boxing body and President Golovkin. (Photo / IOC)
Olive Branch to World Boxing
Furthermore, in a bid to unite a fracturing sport and eliminate political standoffs, Kremlev extended an olive branch to the rival World Boxing body and its President, Gennady Golovkin. Praising Golovkin as a legendary athlete for whom he holds deep respect, Kremlev emphasized that the association is entirely open to cooperation.
To ensure athletes are never forced to choose between financial survival and national pride, the organization plans to coordinate its competitive calendar with World Boxing so athletes are free to participate in any event they choose, while guaranteeing that Olympic champions and medalists automatically qualify for the high-paying World Championships.
