AIBA yesterday announced the transfer of the Men's World Championships from India to Serbia, after terminating its contract with New Delhi, claiming the Indian capital had not paid the hosting fee required as part of the Host City Agreement.

Following the decision, the BFI issued a strongly worded statement against AIBA in which it accused the governing body of taking a "hasty" decision "without consultation."

AIBA tonight responded that they had "no choice" but to strip New Delhi of its hosting rights for the Championships.

In its statement the BFI said: "The Men’s Boxing World Championships 2021 was allotted to BFI and the host city agreement was signed. Subsequently AIBA’s account in Lausanne was frozen.

"AIBA intended to have some previous payments through an account in Serbia. As Serbia is in the grey list of the Financial Action Task Force countries, Indian banks do not normally send money to Serbia.

"AIBA could not resolve these issues. The account of AIBA in Switzerland as mentioned in the Host City Agreement is still inoperative.

"While the payment of the first instalment of the hosting fee was to be paid by December 1 2019, AIBA invited fresh bids on December 1 2019 itself. 

"Therefore, we have reasons to believe that the decision to change the venue of WCH-2021 was taken in haste without due consultation with BFI.

"Keeping in view our intent for development of boxing, having good relationship and intent to sail AIBA from the present state, we accepted allotment to another country for the best interest of AIBA, however, the penalty that is imposed is shocking and surprising.

"We are in touch with AIBA and BFI President Ajay Singh has spoken with AIBA Interim President, Mohamed Moustahsane a while back and both parties are working for an amicable solution. 

"BFI is confident that the penalty will be waived off and in future will be hosting World Championship events as we have successfully hosted in the past."

In response, AIBA claimed New Delhi "did not fulfil its obligations to pay the host fee" despite "numerous reminders."

AIBA said: "In 2017, the tournament was awarded to India, and a Host City Agreement was signed in January 2019. 

"As per this agreement, half of the host fees were due and payable on December 1 2019. 

"But as New Delhi did not fulfil its obligations to pay the host fee as mentioned in the Host City Agreement, despite numerous reminders by AIBA and after having been offered multiple options to settle their obligations, AIBA had no choice but to terminate the contract in April 2020.

"The decision by AIBA was also prompted by the fact that almost two thirds of the host fee due by BFI for having hosted the 2018 AIBA Women’s World Boxing Championships remains outstanding to date, more than 18 months after the event. 

"These host fees should have been paid by BFI in summer 2018. 

"AIBA showed a lot of patience and comprehension, agreeing on numerous successive repayment plans, which were never respected by BFI.

"AIBA also disputes the reasons given by BFI for not paying their dues to AIBA.

"Since June 2019, Serbia is no longer on the grey list of the Financial Action Task Force and BFI managed to make some payments to AIBA in the course of winter 2020.

"In the current situation, AIBA cannot take the risk to suffer further losses caused by BFI’s failure to comply with its obligations."