C.K Wu went to Westminster this week for a reception on the House of Commons terrace.

 

As the Thames rolled imperturbably by, the President of AIBA, the International Boxing Association, betrayed impressive sang-froid in describing his reaction to death threats received since taking the helm three years ago.

 

"I said, 'I'm over 60; it's not too bad'," he told an audience including Frank Bruno, Barry McGuigan and current British boxers of both sexes.

 

The occasion afforded an opportunity to catch up on progress of the nascent World Series of Boxing (WSB), which knowledgeable observers expect to change the face of amateur boxing for good.

 

The idea is to create a competition that will drive enough money into the so-called "Amateur" sport to prevent top-drawer Olympic boxers joining the "Professional" ranks the minute they step off the medal podium.

 

What AIBA and IMG have come up with is primarily a team competition that will straddle three continents and could enable top boxers – who, crucially, will retain their Olympic eligibility - to generate earnings running comfortably into six figures of US dollars.

 

At least 12 cities around the world will host teams consisting of both local and international boxers.

 

After a three-month season – with the inaugural competition scheduled currently to start in November 2010 – a champion team would emerge, following a series of city versus city matches featuring bouts in five weight categories fought over five three-minute rounds.

 

The best boxers at each weight would subsequently face off for individual WSB titles.

 

The hope, obviously, is that this format will attract substantial sponsorship and broadcast income, as well as sizeable live audiences.

 

After making inquiries, I think I can reveal where the first dozen or so franchises are likely to be, with teams grouped into three continent-wide Conferences.

 

In Asia, the line-up is likely to pit a Chinese team (Beijing) against South Korea (probably Busan), India (New Delhi) and Kazakhstan.

 

In the Americas, New York, Chicago and Los Angeles are all in the picture, with the fourth franchise possibly based across the Canadian border in Montreal.

 

In Europe, Milan, London and Moscow may be joined by a franchise from Turkey, although I understand that Germany (with its potentially lucrative television market) and even France may still be in the picture, with a possibility that the European Conference might end up including more than four teams.

 

As for venues, Ivan Khodabakhsh, WSB's Chief Operating Officer, steered me towards the O2 Arena as a possible setting for the London team’s home matches.

 

When I asked whether the New York team might fight at Madison Square Garden, he replied that they had had a "presentation" and talked to different people there.

 

Commercial interest in the venture plainly exists: a top Ladbrokes executive in the Westminster audience confided that the company was "seriously interested" in the competition.

 

According to Khodabakhsh, the current plan is to have a single presenting title sponsor, with other sponsorship rights going to franchise-holders.

 

I have heard plausible suggestions that this title sponsorship might raise in the region of $3 million-$5 million (£1.8 million-£3 million).

 

Franchise-holders – who, in Europe, will pay an annual franchise fee of €300,000 (£271,000) - would also get a share of TV revenues pertaining to their particular territory.

 

With boxers from all over the world expected to take part in the competition, the value of TV rights should clearly not be restricted to those countries with franchises.

 

A particularly alluring prospect for boxing fans is that one or more Cuban stars might join their local franchise.

 

Khodabakhsh told me WSB was more than confident Cuban boxers would participate in the competition.

 

The way in which boxers – who will be guaranteed a base salary (excluding prize money) of $25,000 (£15,000) even if ranked in WSB's lowest category – are allocated to teams promises to be extremely interesting.

 

According to Khodabakhsh, a draft system will operate, but there is also set to be what sounds like an Indian Premier League-style auction for the 20 or 30 biggest names.

 

Transfers from one team to another will also be allowed.

 

With around 12 months to go before the first scheduled WSB bouts, one burning question, of course, is how the glitzy, many would say garish, world of professional boxing will react.

 

It is a world, after all, that has made a habit of turning Olympic medallists – from Muhammad Ali to Lennox Lewis – into global superstars over many decades.

 

As we filed out of the reception, I raised this matter with the globe-trotting Wu, whose next stop after London was set to be Georgia.

 

"We don’t want to challenge them," he told me in his clipped, economical English. "We do ours; you do yours."

 

Separate worlds, then - I wonder if it really will turn out to be that simple.

 

David Owen is a specialist sports journalist who worked for 20 years for the Financial Times in the United States, Canada, France and the UK. He ended his FT career as sports editor after the 2006 World Cup and is now freelancing, including covering last year's Beijing Olympics. An archive of Owen’s material may be found by Twitter users at www.twitter.com/dodo938.