LORD Coe capitalised on his Olympic success yesterday as he agreed an image rights deal thought to be worth as much as £12m.
The chairman of the London organising committee, Locog, sold his 93% interest in Complete Leisure Group to communications and sports marketing group Chime Communications.
The deal gives Chime - which was founded by PR mogul Lord Bell - the rights to Lord Coe’s client, consulting and non-executive director fees, plus commissions, royalties and appearance income for the next 15 years.
Lord Coe will receive a “golden hello“ payment of £1.5m followed by regular tranches of payments in cash and shares over the period to March 2017.
He said: “I am delighted to be joining such a dynamic group with such a breadth of sporting interests and skills. I hope my experience will help develop this exciting new business and I am looking forward to the challenge.”
Lord Coe will become executive chairman of Chime’s sports marketing division CSM Sport & Entertainment on completion of the deal. Chime last year bought a marketing company in Brazil, venue of the 2014 football world cup and the 2016 Olympics.
It had contracts with more than a dozen London Olympic and Paralympic sponsors.