Controversial Uzbek businessman Gafur Rakhimov has been elected as the new head of International Boxing Association, despite warnings from the International Olympic Committee that they would cut funding if he was appointed to the role.

Rakhimov won 86 votes out of 134 at the election in Moscow, leading to fears that the IOC will react with sanctions, which could range from cutting their funding to the AIBA to even removing boxing from the Olympic Games.

Rakhimov is on a US Treasury Department sanctions list for alleged links to organised crime.

The AIBA has been in turmoil for several years and its former president Wu Ching-kuo was suspended in 2017 before stepping down over governance and finance issues.

He was briefly replaced by Franco Falcinelli before Rahimov became interim president in January, with today's vote cementing his position.

The IOC reacted to today's vote by issuing a statement which reiterated the possibility of removing boxing from the 2020 and 2024 Olympics in Tokyo and Paris.

The statement released to read: "We take note of the decisions taken by the AIBA Congress in Moscow.

"The IOC has made it clear from the outset that there are issues of grave concern with AIBA regarding judging, finance, and the anti-doping programme, and with governance - which includes but is not limited to the election of the AIBA President. 

"As planned, we will now carefully evaluate all these areas at the next IOC Executive Board meeting in Tokyo on the 30 November – 2 December.  

"It should also be noted that any further actions by the IOC will be taken not simply on decisions and statements by AIBA, but also by the successful implementation of such decisions and a clear roadmap for long term sustainable reform of the Federation.

"Whatever the results of the deliberations of the IOC Executive Board, we will continue to make all efforts to protect the athletes and to have a boxing tournament at the Olympic Games Tokyo 2020.

"In the meantime, and until further notice, the previous IOC Executive Board decisions, including most recently of July 2018, remain in place, including the reservation of the right to review the inclusion of boxing on the programme of both the Olympic Games Tokyo 2020 and Paris 2024, and freezing of all contacts with AIBA, except the ones on the working level which are necessary to implement the respective IOC decisions."

Serik Konakbayev, the Kazakh beaten by Gafur Rakhimov in the vote for the AIBA leadership has pledged to hold talks with the IOC and held out the possibility of leading a breakaway group which could pave the way for boxing at the 2020 and 2024 Olympics.