The boxing world will be coming to terms with some massive news over the next few hours and days after Wladimir Klitschko today announced his retirement from boxing in a video statement.

After his stunning loss to Anthony Joshua in front of a capacity Wembley crowd earlier this year, many were questioning where Klitschko was headed next and the Ukranian has finally revealed his plans to retire from the sport and pursue a different career path.

The 41-year-old has enjoyed a stellar career, with an incredible record of 64 wins from 69 fights over a career spanning 27 years. 

Recent losses to Tyson Fury and Joshua have hit the veteran Ukrainian hard and his retirement doesn't come as a surprise for many.

In the video released via his various social media accounts, Klitschko was upbeat when speaking about his future, but also emphasised how grateful he was to his fans and to the sport of boxing.

So great was the attention surrounding the announcement that Klitschko's personal website, where he first released the statement, crashed due to the massive volume of traffic.

"27 years ago I started my career in sport and it was the best choice of a profession I could have ever  made" said Klitschko.

"Because of this choice became a scientist, entrepreneur, motivator, hotelier, trainer investor and much else.I was and am still able to do these things thanks to the global appeal of the sport of boxing, my own talent, but most importantly, because of you, my loyal fans.

"At some point in our lives we have to, or just want to, switch our careers and get ready for the next chapter and chart a new course towards fresh challenges.

"Obviously, I am not an exception to this, and now it's my turn."

Klitschko's decision means Anthony Joshua is now expected to fight Kubrat Pulev later this year or face the prospect of being stripped of his IBF belt.