The WSB, which due to start in September, is widely anticipated to be the most exciting inter-city tournament in the history of amateur boxing.

The Series, which is backed by the sport’s governing body the International Boxing Association (AIBA), will offer lucrative financial rewards to amateur fighters as an incentive not to turn professional.

London had been set to be one of the tournament’s main European venues but with the Series demanding a non-refundable $75,000 (£50,000) deposit from every host city; the BABA were not prepared to take a the financial risk of paying the huge sum of money required.

This is largely due to the fact that the organisation received only half the anticipated £1.8 million ($2.7 million) from UK Sport it claimed was needed to prepare properly for an Olympics which now includes women boxers.

It had been revealed in January that London had had to abandon plans to take part in the WSB but AIBA officials had been hopeful of coming up with a solution so that the host city for the 2012 Olympics could be included.

But with less than six months to go until the new event launches it seems that that plan has now failed.

Derek Mapp, Executive Chairman of the BABA told insidethegames: "We are supportive of the aims of the World Series of Boxing however the current financial structures mean it would be unwise for us to commit to running a franchise at this stage."

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