Campbell, who finished in the top 16 in the featherweight division at the Beijing Olympics last year, has set up a "high-class gentleman's club" with a friend in Auckland. 

He said he had taken the decision to set up the business after his Beijing campaign cost about NZ$121,000 (£47,000), mostly funded by his parents.

Campbell insisted he was not a "pimp" in the traditional sense.

He said: "When people think of a pimp they think of a guy standing around on a street corner with gold chains.

"Pimps are more tough-type guys.

"I'm an owner of an escort agency.

"Some people on the team will not think highly of me for doing this.

"If they saw this place and how it's operated, they'd change their mind."

Campbell said his parents had been supportive of his business plan.

He said: "Mum was hesitant but she met the girls, a couple came over to her house and she was sweet as.

"She realised they were just normal people supporting their kids and stuff."

But Campbell may not get the same support from the national governing body Taekwondo New Zealand (TNZ).

TNZ officials said that Campbell's business would be taken into account when considering him for selection.

John Schofield, the TNZ funding manager, said: "Selection takes into account not just performance but also the athlete's ability to serve as an example to the youth of the country."

Campbell plans to take a couple of years off, hopefully earn up to NZ$300,000 (£117,000) from the brothel and launch his bid for the 2012 Olympics in London in 2011.