Handshake no longer enough as WBC gets tough on fees

JEJU, South Korea Sat Nov 7, 2009 12:13pm IST

WBC's president Jose Sulaiman smiles as he greets fans during a tour in Cancun City, Mexico in this January 2006 file photo. The World Boxing Council will no longer rely on a promoter's word or handshake in recouping sanctioning fees and has established a committee aimed at pursuing delinquents and ''greedy boys''. REUTERS/Henry Romero

WBC's president Jose Sulaiman smiles as he greets fans during a tour in Cancun City, Mexico in this January 2006 file photo. The World Boxing Council will no longer rely on a promoter's word or handshake in recouping sanctioning fees and has established a committee aimed at pursuing delinquents and ''greedy boys''.

Credit: Reuters/Henry Romero

JEJU, South Korea (Reuters) - The World Boxing Council will no longer rely on a promoter's word or handshake in recouping sanctioning fees and has established a committee aimed at pursuing delinquents and "greedy boys".

The WBC should receive 3 percent of a boxer's purse from promoters to help cover the global organisation's expenses but getting those revenues can sometimes cause problems.

At the WBC's annual convention on the South Korean resort island of Jeju, the organisation's governors agreed to set up the committee and devise methods to ensure payment.

A cash deposit or letter of credit will now be required from promoters 15 days before a fight and the full fee will be due when the fight report is published in print or online.

WBC President Jose Sulaiman told Reuters that errant promoters were benefitting from the organisation's name but not paying for its upkeep.

"Those who are not paying are using a trademark and a championship accolade of our exclusive ownership," Sulaiman said.

"We have to administer our championship fights. We also have to have to administer 164 member nations in regards to professional boxing. We cannot do it from our own pockets."

Bobby Goodman, a member of the new committee, said non-paying promoters did not appreciate the value of the WBC's name.

"They're not bad boys, they're just greedy boys," said Goodman.

"They don't appreciate the fact that the WBC has afforded them through the years great opportunities to win acclaim and a world championship belt. It's the WBC belt that makes this important."

Fellow committee member Bernard Roos said the solution had to be valid across the globe.

"I'm asking the committee to select 20 internationally well recognised banking institutions.

"An old fashioned handshake would be a good solution, but everybody is not the same, backgrounds are not the same, the understanding of respecting your word is not the same."

(Editing by Peter Rutherford

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Man City vs AS Roma

Man City vs AS Roma

Veteran Totti punishes sluggish City with landmark goal.  Full Article 

Phelps Arrested

Phelps Arrested

Olympic U.S. swimming champion Phelps arrested for drunken driving  Full Article 

Bracewell Back

Bracewell Back

Bracewell returns to New Zealand test team for Pakistan series.  Full Article 

Chelsea On Top

Chelsea On Top

Matic silences boo boys as Chelsea win in Lisbon.  Full Article 

Santos in ISL

Santos in ISL

Former Brazil defender Santos joins Pires at FC Goa   Full Article 

New Assignment

New Assignment

South Korean striker Park joins Saudi side Al Shabab.  Full Article 

Soccer On Turf

Soccer On Turf

Women's World Cup to be played on turf, FIFA insists.  Full Article 

Bayern vs CSKA

Bayern vs CSKA

Mueller’s penalty brings Bayern victory in Moscow.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage