Sebastian Coe has sold his firm, Complete Leisure Group, to Chime Communications, and looks, per InsidetheGames.biz to be worth over 12 million pounds sterling. Chime Communications is a company owned by Alan Pascoe, a 1976 Olympian who saved British athletics in the late 1990s from ruin, and made them the poster child of a successful national athletics federation. As part of the deal, Sebastian Coe will become the chairman of Chime and Alan Pascoe will become president.
Sebastian Coe is recovering from eight years of being the face of the London 2012 Olympics, and a successful Olympics it has been. Not since Peter Uberoth and the 1984 LA Olympics has an Olympics done so well financially. Recent reports suggest that the London Olympics will be nearly 600 million pounds under the proposed budget.
Sebastian Coe with Sergey Bubka, IAAF Gala, 2011, photo by PhotoRun.net
LONDON (GBR): International sports marketing group Chime Communications is set to take over the management consultancy firm of Sebastian Coe in a deal that could earn the London 2012 chairman GBP 12 million. Informs insidethegames. Coe’s firm, the Complete Leisure Group Limited (CLG), owns all the rights to his income streams over the next 15 years including commissions, royalties and consulting income. The deal means Chime, which made over GBP 30 million from a number of contracts on London 2012, will acquire Coe’s 93 per cent interest in CLG. The deal is also set to see Coe become chairman of Chime’s sports marketing arm, CSM Sport & Entertainment, with the current chairman Alan Pascoe to become President.