Umar Kremlev, the Russian Boxing Federation secretary general who offered to personally wipe out the International Boxing Association's (AIBA) $16 million (£12 million/€14 million) debt, has been put in charge of attracting new investment for the world governing body.
AIBA faces bankruptcy after the International Olympic Committee (IOC) withdrew its status as organisers of the tournament at Tokyo 2020 and desperately needs to raise new money to allow it to continue.
Kremlev will be head of AIBA Development, Attraction and Investment and Marketing Commission.
He was elected unanimously to the position at the AIBA Executive Committee meeting in Lausanne today.
The Commission will also include China's Wu Di, Azerbaijan's Suleiman Mikailov, Bulgaria's Emilia Grueva, Qatar's Yusuf Al-Kazim, America's Ray Silvas and Egypt's Mohamed Touma.
Kremlev was previously in charge of the AIBA Marketing Commission but the newly reconfigured group has much more power and will cement what many people will see as part of a campaign to become President of AIBA.
Morocco's Mohamed Moustahsane is currently Interim President, having replaced Uzbekistan's Gafur Rakhimov in March.
Many would argue, though, that the responsibilities that Kremlev is now in charge of already make him more powerful than Moustahsane.
The Commission's responsibilities include holding key AIBA tournaments, such as the World Championships, selling television rights around the world, attracting sponsors, partners and investors, creating strategies and other marketing issues.
Kremlev has proposed creating a new tournament - the World Cup, which he claimed Russia would be willing to host next year.
Russia this year successfully hosted AIBA World Men and Women's World Championships in Yekaterinburg and Ulan Ude, respectively.
"Thanks to the AIBA Executive Committee for the trust," Kremlev said following his election.
"There is a lot of work ahead, but we have a strong team.
"I'm sure that we will jointly create an excellent marketing strategy that will help attract finance.
"AIBA will reach a new level.
"I am sure that AIBA has a great future."
In March, Kremlev had made an astonishing offer to cover AIBA's multi-million dollar debt if it had been allowed to remain in charge of the Olympic tournament at Tokyo 2020.
Kremlev, also first vice-president of the European Union Boxing Confederation, has claimed that his offer to clear AIBA's debts "still remained in force", despite the concerns raised by the IOC Inquiry Committee on the lack of due diligence the body carried out on him and his proposal.
The new World Cup tournament, an idea first raised during an Executive Committee meeting in June, would be the biggest event organised by AIBA next year after losing the right to be involved in the Olympic Games.
"This will be one of the main tournaments on the AIBA calendar," Kremlev said.
"Boxers will represent their country and their team.
"The best of the best will fight for the prestigious trophy.
"Millions of fans around the world will take a fresh look at the sport of boxing."
Kremlev has also promised raise the funds to ensure each continent had its own boxing academy.