In a letter to National Federations, Mikayilov claims a deal has been struck with Benkons, the Azerbaijani company which AIBA owes $10 million (£7.4 million/€8.3 million), but that it will only be enforced if he is elected when the vote takes place on Saturday (December 12).  

Under the terms of the agreement, Benkons will agree to defer the $1 million (£743,000/€826,000) it had been promised by the end of next month under a previous deal the company reached with former AIBA President Gafur Rakhimov in 2018, provided Mikayilov, an Azeri, "restores the image" of AIBA through governance reform.

Benkons would also become a partner for AIBA if Mikayilov wins the election, where he is set to go up against AIBA Interim President Mohamed Moustahsane, Asian Boxing Confederation President Anas Al Otaiba, Russia's Umar Kremlev, Dominican Republic's Domingo Solano, Germany's Ramie Al-Masri and Boris van der Vorst, the President of the Dutch Boxing Federation. 

Hamid Hamidov, a director of Benkons, admitted the company had considered legal action against AIBA for not fulfilling the terms of the 2018 agreement, where the troubled Federation promised to begin repaying a portion of the loan in 2021.

The remainder of the money owed was due to be turned into a sponsorship deal, but Hamidov claims AIBA has failed to exercise the new agreement and instead had just invoiced the Azeri firm $2 million (£1.5 million/€1.7 million).

Hamidov also said Benkons' contract with AIBA had damaged the company's reputation.

"We can promise you, as you proposed during our talk, that we would consider negotiating if a detailed PR programme along with new AIBA reform are implemented so that there can be an opportunity to help our reputation to be recovered," Hamidov, who confirmed the legal action would be placed on hold pending the outcome of the election, wrote in a letter to Mikayilov.

"We refused to talk with current AIBA leaders as we do not have any trust on them. 

"Once we see new reliable leadership, such as yours, and as done by you last week receive a proposal to help clearing the damage done to our brand, we will be delighted to solve all debts and have a partnership with AIBA."

AIBA's financial situation was one of the main concerns highlighted by the International Olympic Committee (IOC) when it suspended the organisation as the Olympic governing body for the sport and stripped it of any involvement in the boxing tournament at Tokyo 2020.

Richard Caborn, Britain's former Sports Minister and who is working as a consultant with the company that is helping with Mikayilov's campaign, warned the current financial situation could "wreck" AIBA.

The majority of the candidates have promised to write off AIBA's significant debt, but Mikayilov suggested in a media briefing today that this is an unrealistic aim.

"No-one can simply write off the debt, and the sources of the funds should be transparent and should be audited by the companies," he said.

Mikayilov also claimed oil company Nobel Oil had agreed to inject CHF3 million (£2.5 million/$3.4 million/€2.8 million) per year into AIBA as part of a sponsorship deal it would sign with the organisation, should Mikayilov, a member of the Executive Committee, prevail in the election.

The IOC has raised issues with certain unnamed candidates in the lead-up to the election and its chief ethics and compliance officer has relayed those concerns to the AIBA Election Committee.

The Azeri responded to concerns over the fact he was on the Executive Committee under Rakhimov, who stood down as President last March amid allegations he was involved in heroin trafficking, which he denies.

He insisted the body had little power when the Uzbek and previous heads were in charge.

"Former Presidents and executive directors had too much power, the Executive Committee did not have much power at all," he said.