IBA President Umar Kremlev is planning to increase the prize money for gold medallists of the Men's World Boxing Championships to $1 million by 2027 ©IBA

International Boxing Association (IBA) President Umar Kremlev is planning to increase the prize money for gold medallists of the Men's World Boxing Championships to $1 million (£795,861/ €898,700) by 2027.

The Russian official, who was speaking at the official draw of the 2023 IBA Men's World Boxing Championships, also said that the prize money will be doubled for the next edition of the event.

The tournament in Tashkent, starting tomorrow and ending on May 14, will see gold medallists in each of the 13 weight categories awarded $200,000 (£159,172/€ 179,740).

Silver and bronze medallists will earn $100,000 (£79,586/€89,870) and £50,000 (£39,793/€44,935), respectively.

"Here we have the highest prize money - $200,000; $100,000 and $50,000," Kremlev said.

"Our objective is that more boxers get money through their sport.

"For each boxers' prize money, 10 per cent will go for the coaches.

"We have to respect our coaches; thanks to you we have our beautiful sport developing.

"We will also implement prize money at continental federation events.

"Next year, prize money will be $400,000 for gold medallists.

"In 2027, we will increase prize money to $1 million for first place, $500,000 (£397,930/€449,350) for second place and $250,000 (£198,965/€224,675) for third place."

The Russian official also said that the prize money will be doubled for the next edition of the men's event ©IBA
  The Russian official also said that the prize money will be doubled for the next edition of the men's event ©IBA

Kremlev said the World Championships in Tashkent will be a "historic" event that will see fair fights.

He asserted that IBA stands for "transparency and fairness" and the organisation will keep "fighting for the coaches and athletes".

During the Women's World Boxing Championships in New Delhi last year, the Russian vowed to double the prize money for female boxers.

IBA renewed a multi-million-dollar contract with Russia's state energy supplier Gazprom last year, which is regarded as the primary source of funding for the governing body.

As well as governance and refereeing issues, one of the main concerns for the International Olympic Committee has been the suspended IBA's finances.

But Kremlev said that his priority is to ensure that all boxers are "wealthy".

"We will create the best conditions for our beautiful sport," Kremlev said.

"If parents bring kids to boxing, I want to ensure they will become wealthy.

"We are one of the only organisations who provide such high prize money.

"We want to ensure that the boxers are taken care of and their future is secure.

"I also want to introduce prize money at national level."