Men's World Boxing Championships

India lost the rights to host the 2021 Men's World Boxing Championships to Serbia on Tuesday after the International Boxing Association claimed that the national federation had not paid host fees, which claimed that AIBA "acted in haste".

The Indian Boxing Association acknowledged the delay but blamed "procedural complications" arising out of AIBA's failure to solve "problems" regarding the account to which the funds would be transferred.

An estimated $ 4 million was due to be made on December 2 last year.

“After New Delhi failed to fulfill its obligations to pay the host fees as stated in the terms of the host city agreement, AIBA terminated the contract. Therefore, India will have to pay a cancellation fine of $ 500,000,” said in a statement.

The elite competition, which would have happened for the first time in the country, will be held in the Serbian city of Belgrade.

"Serbia has everything to organize a major event for athletes, coaches, officials and, of course, for boxing fans," said Mohamed Moustahsane, AIBA President.

BFI is chaired by Ajay Singh, who also owns Spicejet Airlines. AIBA has been suspended by the IOC due to poor financial management.

“The AIBA account was frozen in Lausanne. AIBA was planning to make some previous payments through an account in Serbia. Since Serbia is on the gray list of the Financial Action Task Force (FATF countries), Indian banks do not usually do so by sending money to Serbia. AIBA may not solve these problems, "read statement from BFI to PTI.

"We have reason to believe that the decision to relocate the WCH-2021 was taken quickly without proper consultation with the BFI ... the punishment is shocking and surprising.

"Both sides are working towards a friendly settlement. BFI is confident that the penalty will be suspended and that we will host the world championship in the future," he added.

The National Authority held the Women's World Championship in 2018 and won the rights to host the Asian Championships later this year just a few weeks ago.

AIBA said she was glad to have found a new host for the event, which will take place in the Olympic year now that the Tokyo Games have been postponed in light of the COVID-19 pandemic.

"It is a major step towards the new competition system and also the financial stability of our organization, which will depend less and less on Olympic funds," said Mustafa.

"Because of the rescheduling of the 2020 Olympics, the AIBA Executive Committee will discuss with the host country the possible dates to adjust," he added.

"We believe that we will maintain the planned schedule and will hold the world championship in 2021 after the Games if the pandemic situation is under control." The head of the Serbian Boxing Federation Nenad Borovcanin welcomed the Championship back to Belgrade after 43 years.

"After the 1978 historical championship in the capital, Yugoslavia, this is the second time that our nation has returned as a host. I firmly believe that the Serbian Boxing Federation will do a great job of organizing this tournament ..." he said.

Read More: AIBA WORLD CHAMPIONSHIP BOXING