Kremlev stated that his organisation is still willing to hold talks with the International Olympic Committee (IOC) in order to help further the sport.

The Russian claims that there will be an increased number of IBA events taking place during the next Olympic cycle with plans in place to further increase prize money.

"During the Olympic cycle, there will be an increased amount of IBA events that shape our athletes and allow them to achieve their best results and indeed dreams," Kremlev wrote. 

"If there is no IBA and its comprehensive competition system, there will be no opportunity to develop our people. 

"We have ambitious plans to increase prize money and to make our National Federations more sustainable and successful, we will fight for more countries to have a chance to participate and win medals at the major events.

"The IBA continues to develop its pro-style boxing, which is a great opportunity for our best athletes to broaden their horizons in the sport and, of course, to provide for their families.

"We have many plans for the future, and I assure you our boxers and coaches will stay at the very heart centre of our organisation.  

"We continue to maintain our integrity within the sport."

Next year's IBA Women's World Championships are set to have a total prize pool of $4.8 million (£3.8 million/€4.4 million) across 12 weight categories with gold medallists taking $200,000 (£161,000/184,000).

It will be a 100 per cent increase as champions were awarded $100,000 (£80,200/€91,400) at the last edition of the event in New Delhi earlier this year.

Professional boxing is already a crowded space with the International Boxing Federation, World Boxing Association, World Boxing Council, and World Boxing Organization all operating within the sector.

Kremlev claims that the IBA remains the home of boxing and is adamant that a bright future is in store for the body despite the fatal blow to its Olympic status.

A new strategic vision is set to be developed and is due to be presented to the Board of Directors for approval at a meeting in Thailand next month.

"I want to assure you that life goes on for IBA and all its National Federations, as well as athletes, coaches, and officials," Kremlev wrote. 

"There should be no panic or subdued spirits among us. 

"At this moment, we should be united as never before and show our unwavering commitment to boxing. 

"We will continue delivering what we promised in terms of more events and prize money, and more opportunities for the financial support needed for the continued development of our sport.

"I would also like to highlight that the future of boxing is in our hands, and we will continue to deliver the very best for our athletes."

The IBA was expelled from the Olympic Movement in yesterday's Extraordinary IOC Session after 69 members backed the IOC Executive Board recommendation to banish the organisation while just one voted against.

It is the first time in history that a sporting governing body has been expelled by the IOC before. 

The expulsion came after the IBA was initially suspended by the IOC in 2019 for issues with finances, governance and the credibility of its competitions. 

An IOC report on the IBA's situation concluded that the body had failed to fulfil the conditions set out for lifting the suspension which then led to the Extraordinary Session being called.

The decision paves the way for rival body World Boxing to take on the responsibility of governing boxing in the Olympic Games.

It was established to secure boxing's Olympic status and last month stated that it will write to the IOC to request for "formal recognition".