The International Boxing Association (AIBA) own 75 per cent of the competition which offers qualification for the London 2012 Olympics while IMG currently have a 25 per cent stake in it.

However, IMG are set to end their involvement in the event when the first season ends in May, despite AIBA insisting the second season will go ahead as planned.

In a joint statement issued by IMG and AIBA said: "IMG and WSB are pleased with the success of the inaugural season of the World Series of Boxing, which was launched last November after months of intensive cooperation between both organisations.

"Since the season started WSB and IMG have been in discussions on the respective roles of each organisation beyond the first season of the tournament.

"During these discussions it emerged that there were different expectations as to how the partnership should develop.

"The outcome of these discussions was a mutual decision for IMG to cease activities as the exclusive sales agent on sponsorship and TV distribution for the World Series of Boxing and, as a consequence, for IMG to transfer its shareholding in the World Series of Boxing back to AIBA, the International Boxing Association.

"These changes will take effect upon conclusion of the 2010-11 season."

Last month, the finals of the inaugural World Series of Boxing were moved from Macau to mainland China, the latest of a series of enforced changes to the series which have also included several changes of ownership of franchises.

AIBA said that staging the team and individual championships in Guiyang, the capital of the Guizhou province, rather than Macau, the original host, will "guarantee greater television coverage and public attention".

The WSB team finals will be held on the weekend of May 6 and 7 with the individual championships scheduled for May 27 and 28.

The five WSB individual champions will earn a place at the London 2012 Olympics and $20,000 (£12,000) in prize money.

The WSB regular season began in November and will conclude this month.

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