What Are the Causes of Decline in WBC?
The World Boxing Council (WBC) was established in 1963 to authorize and oversee boxing matches in a number of countries around the world. During its decades of existence, it faced stiff competition from other organizations including the World Boxing Association. At the end of the 20th century, however, the WBC faced legal trouble that ultimately resulted in the overall collapse of the organization.
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Significance
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The WBC was shamed in 1992 when then-champion Riddick Bowe threw the title belt into a garbage can on camera. This created a question in the mind of fans as to whether the organization was still prestigious, according to the United Kingdom's The Independent newspaper.
Breaking Rules
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Following the 1998 relinquishing of the Light Heavyweight Championship belt by Roy Jones Jr., Graciano Rocchigiani won the title. However, Jones changed his mind and was reinstated, despite WBC rules.
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Legal Problems
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Rocchigiani filed a lawsuit in federal court, ultimately winning a $30 million award in 2003. This caused the WBC to enter Chapter 11 bankruptcy and settle with Rocchigiani out of court.
Liquidation
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Despite its attempt at reorganization, the WBC could not control its assets properly. In 2004, the organization was forced to file for Chapter 7 bankruptcy and liquidated its assets.
Controversy
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One of the most controversial elements leading to the decline of the WBC is the organization's association with legendary boxing promoter Don King. According to Golden Boy Promotions, a rival promotions company, King has been accused of mismatching bouts for the WBC, raising questions about the organization's legitimacy.
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- Photo Credit Image by Flickr.com, courtesy of Dave Hogg
