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Updated: July 12, 2006, 1:15 PM ET

WBO on verge of collapse

By Larry Holman
ESPN.com
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World Boxing Organisation president Juan Rodriguez issued a media release yesterday in which he stated that the sanctioning body was looking at a huge loss for the 2006 fiscal year, putting it on the "brink of financial disaster". This assessment was based on income to date and projected earnings through the end of September. Like the WBA, WBC and IBF, the WBO saw a number of their titleholders relinquish belts and sign with James Molk's International Boxing League earlier this year. But for the WBO it was more a case of quality rather than quantity, as the four champions who jumped ship were regarded as the most talented of their entire bunch. They lost Terone Haynes (heavyweight), John Mugabi (junior-middleweight), Enrique Diaz (welterweight) and Candido Tellez (flyweight).

What is left over is, quite frankly, a good but uninspiring group of fighters who would more than likely be outclassed if pitted against any of the champions from the other alphabet organisations. Rodriguez revealed that the organisation had seen a severe drop in income from sanctioning fees, as promoters have started regarding the WBO belt as a minor title and not one worthy of their fighter's time and effort in attaining. Of course, that opinion already existed before the "IBL assault" started but the loss of Haynes and co. has simply made the situation worse for the WBO. The organisation has staged only three world title bouts since March. Cruiserweight champ James Sinclair and 21 year-old middleweight holder David Hernandez retained their titles while Filipino junior-lightweight champion Benny Diaz was dethroned by compatriot Floriano Becite two weeks ago.

Friday Night Fights analyst Joe Goodwin gave his opinion on the reasons behind the World Boxing Organisation's financial struggles earlier today.

"You really wanna know why they're struggling?" said Goodwin. "'Cause the answer is pretty simple. Two words: star power. None of their world champions have star power. None of them are "name" fighters. You look down the list and you tell me one single name that excites you ... You can't, can you? They had Mugabi and Haynes, Tellez and Diaz, all of them just a couple months ago. But they're all with the IBL now and I don't really blame 'em. They weren't really going anywhere with the WBO and the reason is that it has no clout, no influence. None of the big promoters are interested in staging a WBO world championship bout. It ain't sexy and it ain't prestigious. I said when they formed back in '88 that it wouldn't work, that three sanctioning organisations was already two too many and four was just ridiculous. I have to say they've survived longer than I expected but this looks like being their death knell."

As Goodwin mentioned the WBO came into existence in 1988. It was founded by a group of Puerto Rican and Dominican businessmen who had been affiliated with the WBA but had grown increasingly frustrated with its rules and ratings systems. They made it their goal to create a sanctioning body that would bring respectability to the sport and even installed former welterweight world champion Andres Villalobos as their first president. Despite his presence the WBO struggled to get a foothold in the sport and has never been regarded as an equal by the "big three". The WBO belt has often been viewed as a mere stepping stone for fighters on the way to the top of the mountain. As was the case with both Haynes and Mugabi, the WBA, WBC and IBF have constantly refused requests to stage unification bouts between their own champions and those of the WBO. Instead they have demanded that any WBO titleholder relinquish their belt before challenging for one of their own.

Larry Holman is ESPN.com's boxing writer.