The International Boxing Association (AIBA) and its World Series of Boxing partner IMG signed a shareholders agreement on the opening day of the 2009 AIBA Executive Committee meeting in Milan, Italy on Monday.

The agreement is a significant step in the development of AIBA's exciting new project - the World Series of Boxing - which is due to be launched in 2010 featuring international franchises. Further details of AIBA's ground-breaking competition will be announced as and when they are confirmed.

"There has already been a lot of work put into the World Series of Boxing and today illustrates the confidence both AIBA and IMG have in the WSB and with each other in making the project a great success," AIBA President Dr. Ching-Kuo Wu told AIBA Executive Committee members. "Now we look forward to an exciting two years ahead building up to the launch."

"We are delighted to partner with AIBA in the World Series of Boxing and we look forward to working closely with AIBA and the National Federations to further develop this exciting new boxing competition" added Julian Brand, Senior Vice President of international sports marketing agency IMG.