The 66-year-old Pascoe, the 1972 Olympic silver medallist, has created  two world leading agencies, APi, then CSM, during his business career.  

The London-based CSM is made up of several companies, including Fast Track, pmplegacy, Icon and iLuka, under the umbrella of Chime.

The group's clients include Lucozade, Emirates, Adidas and McDonald's.

Alan Pascoe (second right) moved into event consulting after a successful athletics career, which included being part of Britain's 4x400 metres relay team that won Olympic silver medals at Munich 1972 ©Getty Images

Pascoe, the former Commonwealth Games 400 metres hurdles champion, had founded Fast Track in 1998 having previously created and sold Alan Pascoe Associates.

He will continue working with the CSM group of companies as a consultant, offering strategic support with his wealth of experience across the sports and events landscape as well as his own high-level contacts in business and Government, but also plans to work on his own projects. 

In his previous role as executive chairman of CSM, Pascoe was instrumental in persuading Sebastian Coe to take over from him at CSM following London 2012.

"I feel very lucky in many ways to have had the best of both worlds, a successful career as an athlete and then to have used that experience to recognise the value of sport in business and to introduce brands to partner sports events and bring them to life to a wider audience and create some of the most successful events and sponsorships in the business," said Pascoe.

"The important part that sport and exercise plays in everyone's life has never been bigger whether you are a Jessica Ennis, Mo Farah or a Lizzie Yarnold or you are someone who just wants to stay fit and healthy and improve your lifestyle.

"The success of the [London 2012] Olympics and Paralympics has brought that into sharp focus for the whole of the UK and has already created its own legacy.

"The time is perfect for me to step down now and take a bit of a back seat. 

"I am both very proud and delighted that I am leaving the company in the capable hands of Seb and the talented management team that we have put in place, who can lead by example and drive the business forward, both domestically and globally.

"I wish them well for the future."

Alan Pascoe (left) played a major role in London's successful bid to host the 2012 Olympics and Paralympics, working closely with Sebastian Coe (centre) ©Getty Images

Coe, a former team-mate of Pascoe's and a long-time friend, paid his own tribute. 

"Alan is deservedly recognised and revered as a trailblazer in the business of sports marketing," he said.

"To all intents and purposes he invented it in the UK and many companies have tried to emulate him ever since with various degrees of success.

"We will certainly all miss him at CSM."