Receipt of the money should give the problem-plagued organisation critical financial breathing-space as it seeks to repair its damaged relationship with the International Olympic Committee (IOC) under new President Umar Kremlev.

A recent auditor’s report had warned that AIBA’s ability to "continue as a going concern and to repay its debts" would depend upon the "proper execution" of two agreements signed for 2021 competitions.

If required amounts were not received before January, the auditor had warned, AIBA would "not be able to repay its debt" when due.

While Kremlev recently acknowledged that the coronavirus pandemic had forced delay of another payment, related to the 2021 World Championships, until "the spring of 2021", it is believed that receipt of the Global Boxing Cup-linked funds should be adequate to see AIBA through this immediate potential crunch.

Since his election on December 12, Kremlev, 38, has predicted that AIBA would be out of debt in six months and pledged that the body would fulfil "all of its financial obligations."

Recently-published accounts for the year to end-June 2020 put AIBA’s total assets at a little more than CHF2 million (£1.66 million/$2.2 million/€1.8 million) against total liabilities of not far short of CHF12 million (£10 million/$13.3 million/€10.9 million).

It is planned that the Global Boxing Cup will take place next year in Kremlev’s home country of Russia over a period of about two months.

Questioned this month about the prospects of staging major boxing competitions in 2021, in light of the pandemic, Kremlev pronounced himself "cautiously optimistic."

The IOC last year suspended AIBA as the Olympic governing body for boxing and stripped it of any involvement in the boxing tournament at the Tokyo 2020 Olympic Games.

AIBA received $17.3 million (£12.6 million/€13.8 million) for boxing’s contribution to the previous Summer Olympics in Rio de Janeiro in 2016.