London, Jan 5 : The ambitious World Series of Boxing suffered a serious set-back even before it could get off as Britain is set to withdraw the London franchise from the revolutionary league because of a shortfall in money the sport is receiving in public funding.
The decision was taken after the British Amateur Boxing Association (BABA) felt that they cannot afford to deposit a non-refundable $75,000 to International Boxing Association (AIBA). BABA officials felt that in the current economic climate spending such a huge money would be too great a financial risk.
The inter-city tournament is due to start in September across three continents and each boxer would be offered $400,000 for a three-year deals. The series is being launched by the AIBA to prevent the loss of leading amateurs to professionalism in the lead-up to the 2012 London Olympics.
London was to be one of the European venues, alongside Milan and Moscow, and an unnamed city in Germany or Turkey. Each city will have a team of four boxers and it all the rules of professional boxing would be followed with no head-guards or vests. It has been designed to offer young amateur boxers an alternative to the pro ring by awarding substantial six-figure prize money.(IANS)
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