AIBA also announced a new two-year sponsorship deal with Russian energy firm Gazprom which it hopes will help provide much-needed financial stability. The IOC had said AIBA’s overall debts had reached US$16 million and could rise to as much as Us$29 million. The US$10 million loan from Benkons had been for the now-defunct World Series of Boxing venture, AIBA has said. “Closing the debt (to Benkons) is a core achievement for our financial health and future Olympic prospects. AIBA said revenues from new sponsor Gazprom would help its financial support programme for national federations and the sport’s continental confederations.

Source: The Star May 26, 2021 21:00 UTC