There have been suggestions boxing could be kicked out of the Olympic Games if the controversial Uzbek businessman was elected.
He takes control of the International Boxing Association (AIBA) after previous president CK Wu and former executive director Ho Kim were issued life bans.
Rakhimov won 86 out of 134 second-round votes collected by AIBA officials in Moscow on Saturday to defeat his only opponent, former boxer Serik Konakbayev.
Rakhimov denies allegations he is linked with criminal organisations.
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