By Duncan Mackay

Sebastian Coe BOA ball November 30 2012December 4 - Sebastian Coe will officially take over as executive chairman of CSM, the sports and entertainment division of Chime Communications, who he recently sold his company to for £12 million ($19.3 million/€14.9 million), it has been announced.

Coe will assume the new role when current chairman Alan Pascoe becomes President.

It is Coe's second major appointment since the conclusion of London 2012 having last month been elected unopposed to replace Colin Moynihan as chairman of the British Olympic Association. 

"I am delighted to be joining such a dynamic group with such a breadth of sporting interests and skills ranging from marketing, sponsorship and athlete representation to supporting bidding campaigns for world-class events," said Coe.

"I hope my experience will help develop this exciting new business and I am looking forward to the challenge."

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.

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

He had been a vice-chairman during London's successful bid to host the 2012 Olympics and Paralympics.

Alan Pascoe with Sebastian Coe July 7 2005Alan Pascoe (left) had worked with Sebastian Coe on the successful London 2012 bid

"We are entering an exciting new phase in our evolution at CSM Sport and Entertainment and I can think of no-one in the world better than Seb Coe to help us continue to build on our existing success," said Jim Glover, the chief executive of CSM.

"We are proud and delighted that out of the many and varied opportunities and avenues Seb could have chosen, he has agreed to join us."

Chime acquired 93 per cent of Coe's company, the Complete Leisure Group, in October, buying all the rights to his income streams over the next 15 years including commissions, royalties and consulting income.

Under the terms of the deal Chime paid Coe an initial £1.5 million ($2.4 million/€1.9 million) in cash together with deferred consideration payable over the period to March 2017 on the achievement of various financial targets, which is set to give Coe around £12 million ($19.3 million/€14.9 million).

Contact the writer of this story at [email protected]

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