IAAF's Coe: We've regained confidence of sponsors, which are close to continuing
The IAAF, track and field’s world governing body, has either concluded or is “a long way down the road of successful renegotiations” with all of its existing sponsors, according to its president Sebastian Coe.
Speaking to Athletics Weekly, Coe claimed that under his administration, which began in 2015 after a major corruption and doping scandal that implicated some of the federation’s own top officials, the IAAF has “created stability and gave us a very important platform for engaging with more commercial partners.”
He continued: “It’s the world I’ve lived in for a long time, but I just know that unless a sport can really genuinely show that it can govern itself properly and effectively then the big brands are not going to risk reputational damage of exposing themselves to a sport that can’t do that.
“The challenges we had were well documented and they were globally documented. We had sponsors that went and others that were very shaky, so I had a very clear road map of what I wanted to do constitutionally and governance wise before I got into the job.
“The urgency, given what we had to confront very early on, meant it had the advantage that I was able to drive in very quickly and frankly very hard and also gave us the advantage of showing those sponsors that we were very serious in what we were doing.
The IAAF’s existing top-tier partners are: Asics, the Japanese sportswear brand; Seiko, the Japanese watch company; TDK, the audiovisual manufacturer, also from Japan; and the recently-signed QNB, Qatar’s national bank.
Coe concluded: “I’m pleased to report that we’ve either concluded or a long way down the road of successful renegotiations with all those partners for long-term contracts. Also, we’ve brought a new partner across the line, which is Qatar National Bank – a multi-million-pound contract.”
Doha, the capital of Qatar, is the host of this year's IAAF World Championships.