GBA President Ninvalle praises IBA USD$80M investment

May 07, 2024 Sports

Steve Ninvalle

Kaieteur Sports – President of the Guyana Boxing Association (GBA), Steve Ninvalle, has praised the International Boxing Association (IBA) for their landmark decision to invest some USD$80 million in prize money over the next four-years in Amateur boxing.

The IBA had announced on May 4th, that it will invest in excess of UD$80 million in prize money over the next four-year cycle, which concludes in 2028. This decision, which was approved by IBA’s Board of Directors, occurred in Madrid, Spain, and came on the heels of the entity’s global calendar of activities pronouncement.

Among the major declarations, the IBA Men’s and Women’s Championships will be staged every other two years, with the prize money for the former set at US$10.4 million per event and the latter pegged at US$4.8 million. The next edition of the IBA Women’s Championship will occur in Astana, Kazakhstan, from September 21– 6, 2024, while the male edition is slated for April 2025.

In a similar vein, the IBA Youth World Championships will attract a prize fund of US$1 million, with the Junior World Championship slated to occur on an annual basis.

Ninvalle noted, “To designate or describe this decision by IBA as transformative and historic would be an understatement. With this policy implementation, amateur boxing, whose trajectory on the respective local and international circuits has been on a steep upward climb, has further solidified its status as a genuine alternative and a lucrative alternate to the professional realm.”

He further stated, “Surely the possibilities are endless. Here is an avenue for boxers of any persuasion and nationality to establish generational wealth without the hindrances and inhibitions that often plague the professional strata. No longer can the amateur aspect of this storied discipline be viewed as a substandard past-time or brutish hobby and endeavour, but must be looked upon as a tangible and definitive career option. The GBA lauds the decision of the IBA under the stewardship of President Umar Kremlev, who have indisputably displayed unwavering commitment in the development of the sport and its primary and most important capital and resource, its boxers.”

“IBA’s flagship pro-style event, IBA Champions’ Night packed 2024 schedule will not disappoint with regular events touching all corners of the world with a yearly prize fund of $7 million. Elite continental events for men and women are to take place yearly on each continent, with up to a $1 million prize fund allocated per event. Youth and Junior events are scheduled for the continents for every year ongoing. In addition, the IBA launches the new IBA Team World Cup, taking place biannually with an inaugural edition planned for December 2024 in Dubai, UAE”, it was noted.

Discover more from Kaieteur News

Subscribe to get the latest posts sent to your email.

Guyana Boxing Association, investment, Madrid, President, Steve Ninvalle

Latest News