International Olympic Committee (IOC) President Thomas Bach (center) and members of IOC executive board attend in Lausanne on June 22, 2023, an extraordinary hybrid IOC Session to vote to withdraw its recognition of the International Boxing Association (IBA) over its failure to address governance, finance and corruption concerns. (PHOTO / AFP)

LAUSANNE, Switzerland - The International Boxing Association's (IBA) recognition as the global body for the sport was stripped on Thursday by the International Olympic Committee (IOC) due to its failure to complete reforms on governance, finance and ethical issues.

The IOC's extraordinary session, held online on Thursday, rubber-stamped an executive board recommendation by 69 votes to one to withdraw the IBA's recognition.

The IBA, which called the decision "a tremendous error", had tried to have it blocked through an urgent appeal to the Court of Arbitration for Sport, sport's highest court, which rejected the appeal on Tuesday.

The IOC had previously suspended the IBA in 2019 over governance, finance, refereeing and ethical issues and did not involve it in running the boxing events at the Tokyo Olympics.

The International Boxing Association (IBA) , which called the decision "a tremendous error", had tried to have it blocked through an urgent appeal to the Court of Arbitration for Sport, sport's highest court, which rejected the appeal on Tuesday

Boxing is part of the Paris 2024 Olympics but the qualification bouts and the competition are being run by the IOC and not the IBA, as was the case at the Tokyo Games in 2021.

Other issues such as a sponsorship deal with Russian energy giant Gazprom further complicated the position of the IBA.

"The IOC has made a tremendous error by withdrawing its recognition of the IBA, revealing its true politicized nature," the IBA said in a statement. "We have successfully implemented all recommendations outlined by the IOC in its roadmap."

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"Despite the challenges, the IBA remains committed to the development of boxing, the preservation of its independence, and the organization of official tournaments and World Boxing Championships at the highest level."

This fiel photo taken on Sept 8, 2022, shows the Olympic Rings during the opening of the executive board meeting of the International Olympic Committee, in front of the Olympic House, in Lausanne, Switzerland. (PHOTO / AFP)

"We possess the legal right to do so, and we are prepared to defend it before any appropriate authority," the IBA said.

The IBA's actions have led to the creation of a breakaway group called World Boxing and several countries have left the IBA to join the new organization

While the IOC regularly removes or adds sports to the Olympic Games program to make them more attractive to younger audiences, it is extremely rare for the Olympic body to strip an international sports federation's recognition.

The IBA's actions have led to the creation of a breakaway group called World Boxing and several countries have left the IBA to join the new organization.

"This is a hugely significant moment for the sport," World Boxing said in a statement.

"All national boxing federations now have a critically important decision to make if they want boxers from their country to have the opportunity to compete at the Olympic Games at Los Angeles and beyond," it said.

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"We urge every national federation ... to join and support World Boxing in its efforts to ensure boxing remains at the heart of the Olympic movement."