The bidding, based on the style of the popular Indian Premier League (IPL), was held at a Central London hotel on Monday when various city franchises hired boxers for the competition.

The format comprises of 12-city-based franchise teams spread across three regional conferences including Asia, the Americas and Europe. Each team has one home and one away match with the finals and individual championships scheduled to take place in Macau, China, in March next year.

One of India's finest boxers in recent times, Vijender Singh, was one of the major signings among others, which included boxers from countries like Afghanistan, Iraq, Haiti and New Zealand.

The competitions will be contested in bantamweight, lightweight, middleweight, light heavyweight and heavyweight. Each bout will spread over five rounds of three minutes each.

AIBA President Dr.Ching-Kuo Wu, speaking at the conclusion of the bidding said that 56 boxers have been placed in the reserve pool and would replace those boxers who are injured or unfit during the course of the championships.

He said the individual WSB champions will also qualify directly for the London 2012 Olympic Games. Regarding the competition, he said the objective is to make WSB a financially profitable and sustainable competition with the benefits being felt by franchises, boxers and 196 national federations who support the competition.

Furthermore, for the first time, the individual national federations around the world will see a return for the effort, time and financial support they have invested in their boxers during their development.

“Through the structured path and transparency of the WSB, financially and operationally, the series will become a beacon to aspiring boxers and attract not only new talent but also reinvigorate the passion of disillusioned fans at a global level,” he said. - APP