The International Olympic Committee have recommended that boxing remain an Olympic event for the Tokyo 2020 games, but have called for suspension of recognition of the International Boxing Association.

The IOC revealed their findings of an inquiry into issues of finance, governance, ethics and refereeing and judging of AIBA, which has been in turmoil for years.

According to the report, those areas of concern were identified in 2017 and closely monitored, but the IOC say that there has been a lack of satisfactory progress.

As a result the report recommends that boxing keeps it place as a sport at the 2020 Olympics in Japan but that "all qualifying competitions, shall be organized following guidelines established by the IOC Executive Board".

To that end, the report recommends that the IOC create a new calendar for the Olympic qualifiers, which will take place between January and May 2020 and that AIBA's involvement and recognition by the IOC will not be reviewed until after the Tokyo games.

The report recommends that the number of boxing events and athletes competing at the 2020 games should remain consistent with the 2017 decision to hold eight men’s events and five women’s events.

IOC President Thomas Bach explained: "Today’s decision was taken in the interest of the athletes and the sport of boxing. We want to ensure that the athletes can live their dream and participate in the Olympic Games Tokyo 2020 while drawing the necessary consequences for AIBA following the recommendations of the Inquiry Committee.

"At the same time, we offer a pathway back to lifting the suspension, but there needs to be further fundamental change."

In a statement to the Guardian AIBA responded to today's report, suggesting they may take legal action if excluded from the Tokyo Games

"AIBA has fully addressed - and even exceeded - the demands from the IOC concerning governance, ethics, finances, anti-doping and refereeing and judging, despite being denied a right to a fair hearing for the past 18 months.

"AIBA will defend its legitimate right to organise the Olympic boxing qualification tournaments for the Olympic Games Tokyo 2020 and will review all of its options, including legal, given that the IOC has breached the Olympic Charter."

However a later statement from AIBA proved to be more measured and conciliatory in tone and while it didn't rule out legal action, it did state that AIBA 'looks forward to working with the IOC in the future'.

"The International Boxing Association (AIBA) has taken note of the announcement made by the International Olympic Committee (IOC)," the statement read.

"AIBA is currently reviewing the report from the IOC and will not make any comments until further clarification is made, however AIBA does look forward to working with the IOC in the future."

Today's report is very much in line with assurances that Olympic Federation of Ireland was given by the IOC that boxing would retain its place in the Olympics.

"The IOC have said to us very clearly that boxing will feature in the 2020 Olympic Games," Sarah Keane, President of the Olympic Federation of Ireland said.

"The detail of who’s running it and how exactly that operates, the qualification process, is something that they’ve said we will receive more information on in June of this year."