Walsh has been linked to a move to the United States having reportedly been approached by American boxing chiefs to take up a role with their female team.
The Wexford native has refused to comment on his future, while IABA have maintained a silent stance on the issue.
Reports this week had suggested that Walsh will take up the US offer, but it is understood that the 52-year-old has distanced himself from such speculation and has yet to make a final decision on the matter.
The ISC last night claimed they are ‘disappointed’ that an agreement has not been reached between the IABA and Walsh.
It is understood that the Sports Council offered to subsidize a financial increase to Walsh’s current basic salary, believed to be in the region of €70,000, with bonuses included based on the success of the Irish senior boxing team.
The statement from the ISC last night said: “Following a series of talks the ISC presented a proposal which addressed the needs and concerns of all parties. The proposal was to be brought to the board of the IABA on 25 August. On the 25 August the ISC was informed that the proposal would not be presented to the board and that a sub-committee was suggesting a new version that was substantially different to the original proposal. In effect this unilateral action ended the ISC’s initiative. It is not aware of any progress over the past few days.
“It has advised the IABA to act quickly and to revert to the original proposal if the situation is to be resolved.”
The IABA were still yet to make a statement on the matter last night.
Mulvey added: “The ISC has been clear and unambiguous in its desire to keep Billy Walsh in Irish sport. We communicated clearly to the IABA that we would provide whatever support is necessary to retain Billy.
“It was our understanding that a framework and agreement had been reached by all parties. The ISC were surprised and extremely disappointed that the proposal was not presented to the IABA board. We urge the IABA to act quickly and decisively in the matter.”
The ISC also stated that as of close of business yesterday, they ‘’have received no further correspondence from the IABA.’’
Tensions have existed between Walsh and IABA figures in recent years, particularly over matters of team selection, with the Wexford man keen to have the final say on squad picks instead of the existing structure which sees the association’s central council choose boxers for international tournaments.
That issue is believe to be at the heart of the ongoing dispute. Reports also claimed that the US offer put to Walsh would dwarf his current wage.