India on Tuesday lost the hosting rights of the 2021 men's world boxing championship to Serbia after the national federation failed to pay the host fee, prompting the International Boxing Association (AIBA) to terminate the agreement signed in 2017.
"After New Delhi didn't fulfill its obligations to pay host fee as mentioned in the Host City Agreement terms, AIBA has terminated the contract. Therefore, India would have to pay a cancellation penalty of USD 500," the AIBA said in a statement.
The elite competition, which would have happened for the first time in the country, will now be held in the Serbian city of Belgrade.
"Serbia has everything to organize a great event for athletes, coaches, officials, and, of course, for our boxing fans," AIBA Interim President Mohamed Moustahsane stated.
Disclaimer: No Business Standard Journalist was involved in creation of this content
