Videocon, an Indian electronics firm, outbid four other corporate houses to bag the franchise rights, a release said on Wednesday, adding that the Capital would represent the country at the series.

The franchisee will now be assisted by the Indian Boxing Federation (IBF) to put together a 10-member team across five weight categories and will include a maximum of three foreigners. The minimum base price for signing a boxer will be $30,000 a year with the upper limit for the contract being $300,000. AIBA has so far shortlisted 100 pugilists for the event and the franchisees will take their pick during this year’s World Championships in Milan.

“We will soon sit down and discuss who all are available from where and other modalities, including the price tag of each foreign boxer, etc,” said IBF secretary-general PK Muralidharan Raja.

Pro rules

An inter-continental event, the series will have four teams each from Asia, America and Europe. It will be played on the lines of professional boxing and pugilists will play five rounds of three minutes each without any protective gear.

Each franchisee team will compete against their regional rivals four times on home-and-away basis for a total of 12 bouts per side. The top team from each of the three regions, along with a fourth (second best finisher) will face each other in a playoff format to determine the champion side. There will also be an individual championship where the boxers will stand to win cash prizes per bout.

“The franchisee has already given the nod to go for the best. We will start sifting through the latest records of boxers around the world and import as many as we can to put up a good team,” said Raja, adding that the IBF was also eyeing pugilists from countries like Russia, Kazakhstan, Korea and even Cuba.

“But it all depends on who the other continental franchisees are going to be because the first preference would go to that country’s franchisee,” he said.