Fast Track, the company founded by Commonwealth Games 400 metres hurdles champion Alan Pascoe and now run by World Championship silver medallist Jon Ridgeon, have been informed that their contract will not be renewed when it finishes at the end of the indoor season next March.

Instead UK Athletics will take over the running of the country's major events from the summer of 2012, including the Diamond League meeting at Crystal Palace, using its own in-house team it plans to set-up.

Fast Track, which is now part of the Chime Communication group, has organised the televised domestic meetings on behalf of the governing body as well as securing new commercial and television partners and servicing existing clients.

Fast Track were behind the £50 million ($83 million) six-year deal that UK Athletics signed with Aviva in 2006 that, at the time, was the biggest sponsorship contract signed by a sport outside football.

But UK Athletics are now keen to to capitalise on the opportunity offered by London 2012 to run their own meetings.

"We have been towards this point for several years," a UK Athletics spokeswoman told insidethegames.

"We are very grateful for the work that Fast Track have done for the sport since 1998 and we will part on good and amicable terms."

The decision to bring the organisation of the top meetings in-house will save UK Athletics "a substantial amount", the spokeswoman admitted.

Fast Track have held the UK Athletics since 1998 after the sport was forced to relaunch after the former British Athletic Federation had gone bankrupt the previous year.

UK Athletics are now one of the richest national governing bodies in the world and hope to cash in on even further if their team enjoys a successful performance at next year's Olympics in London.

"We're disappointed but we understand the change in philosophy in UKA and we're proud of what we've done for them," said Ridgeon, the managing director of Fast Track.

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