WBC Boxers Foundation Fund Is Formed
|Written by The Sweet Science|
|Wednesday, 29 May 2013 15:30|
World Boxing Council Boxers Foundation Fund
The World Boxing Council (WBC) and the Nevada Community Foundation (NCF) proudly announce the formation of the WBC Boxers Foundation Fund. The Fund represents WBC President Jose Sulaiman’s lifetime dream of creating a well-funded vehicle to assist boxers in need:“Generations have grown up watching these great boxers becoming our heroes, they gave their hearts to our beloved sport. We all dream to be like them, and now is time to give them something back. We must do our best to support our heroes from the past who have fallen in hard times."
The WBC raised the Fund's $1 million dollars seed money in conjunction with Swiss watchmaker Hublot at the memorable Legendary Evening charity event held last September. Hublot's CEO J.C. Biver said: "Our companies make so much money from sports, it is our duty to give back to those who made boxing such a great sport”.
The event celebrated the glory of twelve legendary former WBC world champions and culminated with an auction of 12 commemorative, special edition Hublot timepieces. Sugar Ray Leonard, one of the participants stated: "As a boxer, I realize how important it is to help or fellow boxers and the fact that the WBC and Hublot have come together, it’s such a great combination. I’m glad that this has started, they’re doing a great job and I support that.” Mike Tyson added: "It’s an amazing honor to be here with these great champions. When you talk about undefeated champions, Hublot is the undefeated champion- The best watch company in the world. You also got to take your hats off to the WBC for what they’ve done.”
The Nevada Community Foundation will administer the Fund. Ms. Maureen Schafer, Chairman of the NCF said about the Fund: “ Nevada Community Foundation is thrilled to play a role in stewarding the generosity of the WBC and boxing community in their noble endeavor to protect boxing’s champions who have provided the world with so much drama and entertainment over the years.”
Gian Brosco, President of the NCF added: “It would be impossible to overstate the excitement and camaraderie in that ballroom or the extraordinary generosity of Hublot and outpouring of support from former champions and friends, alike, for this worthy cause. On behalf of the board of directors of Nevada Community Foundation, we are humbled to be a part of this important work.”
The Fund´s mission is to provide assistance to eligible former boxers. Eligible boxers include all former titleholders of any WBC world, regional, national or minor belt and non-title holders who have made significant strides toward the glory of the sport.
The NCF has appointed a Selection Committee that includes, among other members, at least three outstanding individuals the WBC recommended: Messrs. Sig Rogich, Steve Crosson and Jim Nave. The Fund will provide assistance for recipients’ financial and medical hardship needs such as housing, basic living expenses, medical insurance and payment of medical costs not covered by insurance. The WBC and NCF estimate that the Fund will distribute approximately $100K-$150K to recipients yearly. The NCF is committed to prudently invest the undistributed principal plus any additional raised funds to enable support of eligible recipients in perpetuity. The WBC and NCF also expect that the Fund’s administrative expenses will be less than 3% of the Fund's balance at any given time. The WBC is committed to continue its fundraising efforts toward feeding the Fund, and will call upon the generosity of promoters and current boxing heroes.
The WBC's and NCF's goal is to announce the inaugural grants by August 31, 2013. The deadline for hardship application submissions to the NCF is June 28, 2013. The application forms with instructions are available at the WBC website and can be accessed and downloaded by clicking on, or pasting the following link to your browser: www.wbcboxing.com/WBCFundForms/