LAUSANNE, Switzerland, June 24, 2026 /PRNewswire/ — IBA President Umar Kremlev has welcomed the International Olympic Committee’s (IOC) decision to establish a $100 million athlete support fund, declaring it a long-overdue sign that the IOC has finally listened and commenced necessary reforms. 

The financial commitment, announced during an IOC meeting led by President Kirsty Coventry, will see $10,000 grants made available to athletes at the Milano Cortina 2026 Winter Games and the Los Angeles 2028 Summer Games. The decision to distribute approximately $110 million among Olympic competitors comes as a direct response to growing global calls for the financial support and recognition of athletes.

Highlighting that the IBA was the pioneer in introducing prize money for Olympic Games, President Umar Kremlev characterised the move as a significant shift, whilst challenging the governing body to scale its future athlete-centred support to $1 billion to truly match real actions by the Los Angeles 2028 Olympic Games.

“Finally, the IOC has listened and started reforms. Of course, more than 100 million dollars is already a significant shift, but we hope that in the future, a billion dollars will be allocated to support athletes.

The IBA was the first to start paying prize money for the Olympic Games. Then, track and field followed this example, and we thank World Athletics leadership for such an important decision.

We hope that by the 2028 Olympics, these will no longer be just words, but real actions. The IOC President, Kirsty Coventry, is on the right track. Prize money for athletes is an indicator that the athletes are truly being heard. That we are being heard.

I am proud and sincerely glad that it was the boxing family that took this step first. The boxers did it. The IBA did it.”

For the IBA leadership, this decision marks a definitive shift in the global sports landscape, proving that international governing bodies can no longer ignore the necessity of direct financial rewards for the central stakeholders of the Games.

The IBA was the first international association to introduce prize money for its athletes at Paris 2024. As the global sporting community moves toward the Los Angeles 2028 Olympic cycle, the IBA remains dedicated to acting as a financial shield for its boxers during the LA Games, ensuring that sport administration serves the people who create the spectacle, carry the pressure, and generate the audience: the athletes themselves, creating real-life opportunities for them.

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SOURCE International Boxing Association