Umar Kremlev confirmed that the IBA is set to renew its sponsorship deal with Gazprom ©IBA

The International Boxing Association (IBA) is set to renew its sponsorship deal with Gazprom following the approval of the governing body's National Federations.

At the IBA Ordinary Congress in Abu Dhabi, President Umar Kremlev informed representatives that the two-year deal worth $50 million (£40 million/€47 million) is close to its expiration date.

The Russian wanted to ensure he had the support of the delegates before re-signing with the state-run energy giant from his home nation.

"Gazprom helped us to become independent and made us financially stable," Kremlev said.

"Through this partnership we have been able to help many athletes and have been able to offer prize money at the continental at World Championships level.

"It has also ensured the participation of National Federations that would otherwise not have been able to send teams to these events.

"They turned to the IBA which has helped them participate.

"This year, the contract runs out.

"National Federations do you agree to extend the contract?"

His question was met with a round of applause from the room before saying that he wants to ensure all decisions are made together.

Umar Kremlev asked member federation representatives if they would be happy for the IBA to continue its partnership with Gazprom, resulting in applause from the delegates ©IBA
Umar Kremlev asked member federation representatives if they would be happy for the IBA to continue its partnership with Gazprom, resulting in applause from the delegates ©IBA

Kremlev then stated that his goal for boxing and the IBA was "to become the cleanest and most transparent sport out there."

Boxing is currently left off the sporting programme for the Los Angeles 2028 Olympic Games due to reservations held by the International Olympic Committee (IOC) and its President Thomas Bach.

As well as governance integrity and refereeing and judging processes, one of the main concerns was the IBA's finances.

Its "financial dependency" on Gazprom was chief among them.

The deal was one of Kremlev's first orders of business when he became President in December 2020 and has been the cause of IOC displeasure since.

Controversy over the partnership increased following the Russian invasion of Ukraine in February.

A report from Canadian law professor Richard McLaren in June claimed that "the expensive dreams" of former President C K Wu had brought the organisation then known as AIBA to "a state of near insolvency by the time of his departure in 2017", and that the Gazprom deal had "saved it from financial collapse".

McLaren Global Sport Solutions has been appointed by IBA to serve as the "integrity oversight body" for the next four years.

Kremlev announced that the IBA "will also extend its contract with Professor McLaren and his team so our transparency only grows stronger".