The International Boxing Association's (IBA) recognition as the global body for the sport was stripped by the International Olympic Committee (IOC) on Thursday due to its failure to complete reforms on governance, finance and ethical issues.

The IOC's extraordinary session, held online on Thursday, rubber-stamped an executive board recommendation by 69 votes to one to withdraw the IBA's recognition.

The IBA, which called the decision "a tremendous error," had tried to have it blocked through an urgent appeal to the Court of Arbitration for Sport, sport's highest court, which rejected the appeal on Tuesday.