With the fiscal year coming to an end, the International Boxing Association (AIBA) is pleased to inform that following the full review of its financial control systems, AIBA has managed to restore a healthy and sustainable financial situation.
Following AIBA Congress that took place earlier this month in Moscow, AIBA members expressed their strong appreciation and relief concerning AIBA’s financial situation, which has seen significant improvements in recent months. AIBA implemented a significant number of changes in regards to its policies and procedures to improve accountability, fiscal responsibility and financial mechanisms of control at large. This includes in particular the establishment of new partnerships and host city agreements.
Gafur Rahimov, AIBA President, said: “AIBA has come a long way in getting over this financial crisis and it has been extremely encouraging to receive all these calls and mails from our member federations – both large federations with strong tradition and results in Boxing as well as from some of our smallest member federations. The fear of going bankrupt due to past financial mismanagement is now far behind us. It is time to turn the page and look further to the development of Boxing worldwide. After having spent a lot of time and energy in closing deals and bringing the AIBA finances under control, these many positive statements from our members are also a very strong motivation personally”.
The stringent financial controls recently implemented allowed the organisation to operate under budget for the first time in history, while improving the transparency and services to AIBA members, athletes and stakeholders.