Lyons also announced a new oversight panel under his “direct control” to ensure the implementation of reforms in Ulster boxing.
“I will ensure that it properly holds the IABA and UBC to account with public progress reports,” he said.
“Let me remind this house again, these organisations receive public funding through arm’s length bodies of my department, any further slippage will not be tolerated.”
Lyons added he hopes “these measures will have the effect of increasing confidence in boxing as an inclusive sport for all communities across Northern Ireland”.
In its statement, the IABA said “boxing in Ulster and throughout Ireland has a long and proud tradition of bringing people together across community lines”.
“Our clubs are inclusive, community-based organisations that welcome everyone, regardless of background, faith, or belief,” it added.
“Many have played leading roles in peacebuilding and social cohesion, particularly during times of division and challenge.”
The IABA also said it would welcome the opportunity to meet the minister to discuss the Equality Commission’s findings.
“Constructive engagement and cooperation remain central to ensuring public confidence and to achieving our shared goal of making boxing a truly inclusive sport for all,” it said.