Handshake no longer enough as WBC gets tough on fees
JEJU, South Korea
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
- Tweet this
- Share this
- Digg this
Trending On Reuters
Australia reached to 221 for four at the close of play on the second day of the second test against India on Thursday after battling their way back into the contest on the back of debutant paceman Josh Hazlewood's five for 68. Full Article | Related Story