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The new federation, to be called World Boxing, is a rival to the 77-year-old International Boxing Association, which has suspended hosting the sport at the Olympics due to lingering concerns and ties to Russia's IBA.
"There was a risk that Olympic-style amateur boxing would be excluded from the Olympics," said USA Boxing president Tyson Lee, an interim board member of the new organization. “I can speak for the United States and many other national federations. We are also interested in maintaining a path towards the Olympic movement and in a direction that has not been a priority for the IBA."
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World Boxing will be based in Switzerland and will have a board made up of athletes and officials, including Lee and GB Boxing chief executive Matthew Holt. Great Britain's Lauren Price, the gold medalist at the 2021 Tokyo Olympics, and Richard Torres Jr., the silver medalist for the United States, represent the athlete.
The elections of the president and the new leadership are scheduled for November.
"This is about the future of the sport," Holt said. "Our position in the Olympics is vital and as an organization we need to breathe new life into it, we want to act in the best interests of boxers."
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The United States and Great Britain were among more than 10 countries that boycotted the recent Women's World Cup and the upcoming Men's Cup over Russia's stance and wider concerns about the IBA. The Kremlin said officials supporting the boycott were "worse than hyenas and jackals."
World Boxing acting general secretary Simon Toulson said the new organization was operating on a budget of $994,000 this year, without specifying a specific source of funding. This is just a small part of the IBA's resources, which offer up to $200,000 to traditionally coveted men's world championship gold medalists and $100,000 to women's world championships.
The new organization says it is reaching out to national boxing organizations around the world, but has yet to recruit members. They said that none of the national organizations in which the members are involved have left the IBA.
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Toulson added: "We have not had any contact with the IOC regarding the creation of this organization", but he hopes that it will happen soon. The IOC told the Associated Press that they are "taking into account the latest developments".
The World Boxing Commission also includes the official representative of the Netherlands, Boris van der Voorst, who last year challenged the Kremlin for the presidency of the International Boxing Association, but was disqualified from voting in the election for "prohibited cooperation". ". The Court of Arbitration for Sport ruled his suspension wrong, but no new vote was held.