Handshake no longer enough as WBC gets tough on fees

By James Blears

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.