The dream of many an aspiring "Rocky Balboa" just about vanished yesterday when the Maryland State Athletic Commission withdrew its sanction of a heavyweight boxing tournament in Baltimore Civic Center for mateurs to turn professional.

NBC had arranged to pay $50,000 to tape some of the bouts. There was a $50,000 prize to be awarded for the eventual champion. The boxers were to be paid $10 a round in the qualifying competition in six rings.

Chester O'Sullivan said Pro Productions Inc, which was to promote the tournament April 29 through May 14, failed to deposit $125,000 in an escrow account by Monday to cover expenses and prizes.

O'Sullivan said promoter Joe Quinones had agreed ton Friday to make the deposit by Monday but a check by the state attorney general's office on Tuesday disclosed there was only $14,930 in the account.

The commission drafted a letter yesterday notifying Quinones and his attorneys of its action.

Sullivan said Pro Productions will be given a hearing by the commission on Monday to show why sanctioning should be regained.

Chairman O'Sullivan said that Quinones and John Seligman, president of the promotional firm, are Washington residents.

O'Sullivan said that they had expected to have 1,024 heavyweights making their professional debuts "but there were only 97 applications the last we saw."

The entrants were required to post beforehand $275 each to pay for their hotel room and meals and a $10 Maryland boxer's license. Some had sponsors to pay their fee.

Prizes were to amount to about $103,000 and was to come out of the $105,000 in escrow, which was expected to swell some from gate receipts and from the television revenue.