Olympic Boxing administrators was claimed in a secret agreement

Olympic Boxing administrators was claimed in a secret agreement for a million pounds for the right to compete next year.

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Azerbaijan said the International Amateur Boxing Association in London playing for £ 6million in exchange for two gold medals have been promised.

AIBA officials from the former Soviet state has admitted receiving cash, before claiming that it came from a Swiss company, but denies claims of corruption.

Amateur Boxing World Series, a new franchise, along with cash assistance was paid.

But boxing insiders, Chief Operating Officer of the World Series is claimed, Ivan Khodabakhsh, theamateur boxing franchise and a secret agreement between Azerbaijan's government had bragged about.

One source said: ‘Ivan boasted to a few of us that there was no need to worry about World Series Boxing having the coin to pay its bills.

As long as the Azeris got their medals, WSB would have the cash.’

Another told the BBC’s Newsnight that Khodabakhsh said: ‘We are safe now — Azerbaijan came in — we have to give them medals for that.

‘He was talking about gold medals in London in return for millions of dollars of secret payments. Medals are being sold blatantly.’

According to Newsnight it says: ‘Please transfer the investment money soonest possible to the WSB America account.’

AIBA, who organise the Olympic boxing, funds come from Azerbaijan, but confirmed that it was a business investor.

They called the allegations ‘preposterous’, although AIBA president Dr Wu Ching-kuo promised to sack Khodabakhsh if he is found to have acted illegally.

Dr Wu said: ‘We have a zero tolerance policy on corruption and we will conduct an immediate investigation.’

Khodabakhsh said: ‘I deny that I have offered anyone two gold medals or have any understanding that anybody else has offered two gold medals to Azerbaijan.’