Coe sells rights to earnings for 15 years
Friday, October 26, 2012
LONDON (AP) -- Enjoying a high profile after successfully running the London Olympics, Sebastian Coe has agreed to sell his management company and the rights to his earnings for 15 years.
The 56-year-old Coe will initially receive $2.4 million from sports and entertainment company CSM, which is headed by Alan Pascoe -- the former London Olympics bid vice chairman.
CSM says the two-time Olympic middle-distance champion will receive guaranteed payments until 2017 based on Coe's "commissions, royalties and consulting income."
The sale of Coe's company, Complete Leisure Group, to CSM is set to be completed in January. Coe will become executive chairman of CSM, with Pascoe president.
Already vice president of the International Association of Athletics Federations, Coe is due to become British Olympic Association chairman next month.