like has been said by laffie they are not owned in the traditional sense but have people who are on the board and im assuming that some/all of these people make charitable contributions to the said organisations, in most countrys the can get the income tax back because it is for charity and a further assumption is that they get their contributions back + interest, which isnt declared for tax
The National boxing association just changed its name in 1962 for the WBA. One year later, the WBC begins its existence. That's what you remember I suppose. The IBF was made the same way: the guy who founded it tried to become the WBA president, it didn't work so he founed the IBF. 1983. Then, the WBO in 1988, after a bunch of members have quit the WBA.
A good old fart joke. Always does the job, doesn't it? My children laugh each time I fart on purpose.