The International Boxing Association has decided to revoke its agreement allowing Moscow to serve as the host of the World Boxing championships this September.
Moscow had been chosen to host the championships by the International Boxing Association's executive committee at its meeting on February 9. The selection was contingent on a $1.5 million letter of credit from Russia's Boxing Federation.
Russian boxing officials say organizers had provided all of the necessary guarantees signed by Moscow mayor Yuri Luzhkov. But the International Boxing Association says it did not receive the letter of credit by the deadline.
No new venue for the 2007 championships, which will serve as a qualifier for the 2008 Olympics in Beijing, has been announced.