A group of high-profile British competitors, led by sprinter Adam Gemili, launched a legal challenge against the BOA over its Rule 40 guidelines earlier this year.

According to The Times, athletes will now be able to thank their personal sponsors three times during Tokyo 2020 instead of once under the deal struck with the BOA.

They can thank sponsors once per event for a maximum total of three, The Times reported.

In a statement, the BOA confirmed it had "agreed to provide a greater level of commercial freedom to athletes whilst preserving the BOA's unique funding model" and had relaxed its "in-market period".

It said new guidelines would be published, which will have "increased multiple opportunities" for athletes to endorse their personal sponsors during the Games period, in due course.

The agreement follows "constructive" dialogue with Gemili and the law firm Brandsmiths.

The legal challenge comes after the International Olympic Committee (IOC) enabled countries to be more flexible with their use of its Rule 40 following a landmark ruling in Germany last year, which significantly scaled back the power of the longstanding regulation.

"As an athlete group we are pleased to have reached an agreement with the BOA that moves us into line with other Olympic federations and that provides every athlete an equal and fair chance to generate sponsorship revenue in the build up to and during the Games," Gemili said.

"I would like to say thank you to the BOA for facilitating an open dialogue and recognising and addressing the concerns of the athlete body.

"Most importantly I would like to thank my team-mates who have supported this movement both openly and behind the scenes, together we have made a real difference and demonstrated the strength of unity."

Countries including the United States and Australia are among those to have relaxed Rule 40 guidelines, which subject athletes to sponsorship restrictions before and during the Games.

The BOA has followed suit, but had only allowed athletes to issue one generic thank you message during the Games period under its old guidelines.

Rule 40 was amended following a change to the Olympic Charter, forced upon the IOC following the decision in Germany.

It previously warned that "no competitor, team official or other team personnel who participates in the Olympic Games may allow his person, name, picture or sports performances to be used for advertising purposes during the Olympic Games".

This was seen as a major reason why companies have been willing to sign up as part of the lucrative The Olympic Partner (TOP) sponsorship scheme which guarantees huge exposure during Games-time.

Athletes have complained, however, that it prevents them from making money during the most important time of their career, particularly with sponsors who are not part of the TOP programme.

The rule now reads: "Competitors, team officials and other team personnel who participate in the Olympic Games may allow their person, name, picture or sports performances to be used for advertising purposes during the Olympic Games in accordance with the principles determined by the IOC Executive Board."