James DeGale's dream of defending his Olympic title in his home city died yesterday, but he had a £1.5million contract to ease the pain. DeGale signed with Frank Warren, the promoter, and said that he had not received any offer to remain amateur for the London Olympics in 2012.

DeGale won the middleweight gold medal in Beijing, only Great Britain's second boxing title in the past 50 years. His new target is to become the first British gold medal-winner to win a world title as a professional. A two-year contract will have him boxing six to eight times per year around the country on shows alongside Frankie Gavin and Billy Joe Saunders, his Britain Olympic team-mates.

“It was the hardest decision of my life, but it was always in my head to go professional,” DeGale said. “That's what all boxers aim for. I've done everything I could as an amateur. To win an Olympic gold medal is incredible, it's tipped my life upside down.”

He had hinted of a willingness to stay amateur until 2012, challenging the ABA of England to come up with an offer. But, while there were several offers in Britain and the United States to go professional, the offer to stay amateur never materialised and neither did the £20,000 bonus he was expecting for winning a gold medal.

“They told us when we got back from the Olympics that they had stopped the bonuses,” DeGale said. “They didn't even give me a call about what sort of package they could offer. I think they assumed that we would go pro, so they didn't bother. But these are exciting times, it's a new adventure, something to aim at. I'm going to wear gold shorts as a professional. I'm the new golden boy.”