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The government-appointed Committee will also run the day-to-day affairs of WFI for the next one month.
MC Mary Kom is part of the 7-member committee set up by the Indian Olympic Association.
The champion boxer's brother claimed that the Chief Minister's Office assured him that the statue will be replaced before the inauguration of the park.
The money will be shared respectively by the Mary Kom Regional Boxing Foundation and The Voice of Stray Dogs
The six-time world champion injured herself in the first round of the semifinals of the selection trials.
The Telangana boxer out-punched her opponent from Thailand in the final of the Women's World Championships in Istanbul.
The veteran who was adjuged to have lost in her pre-quarterfinal (51 kg) bout on Thursday has slammed the IOC's Boxing Task Force.
The 2012 London Olympics bronze medallist lost 2-3 to Colombia's Ingrit Valencia.
The six-time world champion defeated Miguelina Hernandez Garcia of Dominican Republic, 4-1, on Sunday.
Boxer MC Mary Kom, badminton ace PV Sindhu, shooter Manu Bhaker and tennis star Sania Mirza will be in action on the third day of the Olympics on Sunday.