A joint statement from the International Boxing Association (AIBA) and Wu said: “After 11 years as AIBA president, Mr Wu has decided to step down from his position.”
The statement said both parties had “amicably agreed to resolve the management issues within AIBA and to withdraw and terminate all related pending procedures before civil courts and AIBA Disciplinary Commission”.
Wu said he had taken the decision to walk away “for the sport I love and have dedicated my life to”.
He said he was acting “in the best interests of both AIBA and boxing” and said he was committed to “a smooth handover” to the new leadership.
Italy’s Franco Falcinelli will remain interim president. In a bitter struggle, Wu’s rivals said he had racked up debts worth 15 million Swiss francs (USD 15 million, 13.1 million euros).
But Wu had insisted the AIBA was financially healthy and accused his detractors of mounting “a military coup”
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