(ATR) The 2017 Boxing World Championships are secure from the financial issues plaguing the International Boxing Association, according to local organizing committee president Jurgen Kyas.
Kyas tells Around the Rings the infighting and power struggle within the federation will not impact the world championships that begin Aug. 25 in Hamburg, Germany.
Local organizers have already paid half of the $2 million hosting fee when awarded the event in October 2015, with the second installment of $1 million to be paid by the end of August.
The Hamburg 2017 Boxing World Championships reportedly have a budget of $5.3 million which is primarily financed by public funds from the city of Hamburg, the German Olympic Committee and the Federal Ministry of the Interior.
The championships were also able to garner sponsorship in a variety of areas including primary sponsor Borgward. The German car manufacturer that ceased operations in 1961 and was revived in 2005 is providing "significant financial support for the competition" and its new BX7 and BX5 SUVs are being used as courtesy vehicles throughout the tournament.
It is expected that AIBA president CK Wu will attend the championships along with the executives seeking to remove him from the federation. A Swiss court hearing on Aug. 17 determined that more facts were needed before a decision could be rendered as to whether the Interim Management Committee (IMC) has the authority to run the federation. A decision is expected in September.
The IMC is seeking to run daily operations until a motion of no confidence can be held against Wu at a Nov. 12 Extraordinary Congress in Dubai.
The 2017 edition of the world championship concludes on Sep. 2.
Reported by Heinz Peter Kreuzer and written by Kevin Nutley.
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