The assertion comes in an auditor's report on AIBA's financial statements for the year-to-end June 2020.

The report, by Nyon-based Moore Stephens Refidar, states: "The ability of [AIBA] to continue as a going concern and to repay its debts will depend upon the proper execution of two agreements signed for 2021 competitions.

"As of today [10 November 2020], the payment schedule for the first competition has not been respected and the payment for the second competition is expected in December 2020.

"If the required amounts are not received before January 2021, [AIBA] will not be able to repay its debt [sic] when they fall due."

The report continues: "Should the Association be unable to continue as a going concern, the financial statements would have to be prepared on the basis of liquidation values and the Executive Committee would have to consider the Association as insolvent which will lead to its dissolution."

A separate note to the accounts states that a "management prepared cash flow forecast, for the next 12 months, shows the Association is dependent upon the proper execution of two agreements signed for 2021 competitions".

It then refers to a later note which states: "Several contracts for future incomes have been signed and future event fees have been partially collected during the third quarter of 2020:

"Global Boxing Cup for an amount of CHF5 million (£4.15 million/$5.55 million/€4.55 million) with CHF933,427.928 (£774,745/$1.04 million/€849,419) collected in September 2020 and remaining balance to be collected in December 2020.

"World Men Championship for an amount of CHF5 million (£4.15 million/$5.55 million/€4.55 million) to be collected entirely in 2021."

This all suggests newly-elected AIBA President Umar Kremlev will have no time at all to relax following his victory on Saturday (December 12).

Having said that, the 38-year-old is secretary general of the Russian Boxing Federation, and Russia is the designated Global Boxing Cup host.

Kremlev spoke about the competition in his election manifesto, describing it as a "new format" event to be staged in 15 Russian cities, featuring "up to 48 teams".

The 2021 men's World Championship, meanwhile, is earmarked for Belgrade, capital of Serbia.

Ironically, the actual accounts show that AIBA enjoyed a highly profitable year in 2019-2020.

A net gain of CHF7.74 million (£6.4 million/$8.6 million/€7 million) was recorded.

This was attributable partly to massively reduced operating expenses and partly to CHF5.5 million (£4.6 million/$6.1 million/€5 million) of income relating to sports events, presumably the 2019 men's and women's World Championships, which were both held in Russia.

The balance sheet shows total assets at end-June 2020 of just over CHF2 million (£1.66 million/$2.2 million/€1.8 million) and total liabilities of just under CHF12 million (£10 million/$13.3 million/€10.9 million).

AIBA's liability under a loan repayment plan with an entity called Benkons of Baku is put at CHF7.69 million (£6.4 million/$8.5 million/€7 million).

The plan calls for instalments to be paid annually from January 2021 to 2028.

The auditor's report also references a "potential litigation" against AIBA regarding which, it says, no provisions have been recognised.

The relevant note states that an entity called First Commitment International Trade (FCIT) has "initiated a debt enforcement procedure on 30 September 2020 by having an order to pay served on AIBA for a total claim of around CHF22.5 million (£18.7 million/$25 million/€20.5 million)".

The note continues: "AIBA filed an objection to the order to pay and rejects this claim on the basis that AIBA does not owe anything to FCIT."

The rejected claim is said to relate to a loan between FCIT and the now dissolved Boxing Marketing Arm (BMA).

According to yet another note, AIBA had "agreed to subordinate its receivable against BMA" for just over CHF3.8 million (£3.15 million/$4.2 million/€3.5 million) as of end-January 2017.

AIBA has "recovered CHF105,379.60 (£87,465/$116,971.35/€95,895.44) following the liquidation".

The FCIT-related note states that while no booking has been made into the accounts regarding this matter, CHF300,000 (£249,000/$333,000/€273,000) has "been accrued in provision for potential legal costs".

According to Moore Stephens Refidar, "at present, it is not possible to predict whether [AIBA] will have to pay for any damages".

"As a result, a material uncertainty exists in relation to the measurement of provisions," it adds.