Lord Sebastian Coe stands down from £100,000-a-year Nike ambassadorial role after conflict of interest allegations

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Lord Sebastian Coe has finally severed his ties with Nike after accusations of a conflict of interest in his new role as the president of the crisis-hit IAAF.

As Sportsmail revealed earlier this month, Coe was coming under considerable pressure from within the IAAF council to step down from his £100,000-a-year position as a paid ambassador for the American sportswear giant.

It is understood the IAAF will also now consider making the presidency a salaried position in the interests of transparency.

Lord Coe has stood down from his six-figure ambassadorial role with American sports brand Nike

Lord Coe pictured on Thursday as he finally severed his ties with Nike after allegations of a conflict of interest

Coe was coming under considerable pressure from within the IAAF to step down from his Nike role

'It is clear that perception and reality have become horribly mangled,' Coe said. 'I have stepped down from the Nike position I have held for 38 years.'

That pressure on Coe became unbearable earlier this week with the emergence of an email that suggested he had lobbied on Nike's behalf in Eugene's bid to secure the 2021 World Athletics Championships. Eugene is close to Nike's Oregon headquarters.

Much to the disappointment of Gothenburg, Eugene were awarded the championships earlier this year without a formal bidding process at a time when Lamine Diack was still president.  

Diack is now at the centre of a major corruption scandal.

Coe, who said his decision was not a reaction to those claims, added: 'The current noise level around this role is not good for the IAAF and for Nike. 

'It is a distraction to the 18-hour days that I and my teams are working to steady the ship.'  

Earlier this week Coe telephoned Bjorn Eriksson – who was the head of Swedish athletics and therefore heavily involved in the Gothenburg bid – to apologise for a lack of process. 

And here in Monaco on Thursday Coe emerged from a meeting of the IAAF council to confirm that he finally stepped down from Nike after months of resistance and a refusal to accept that it was indeed a conflict of interest. 

Lord Coe has stood down from his six-figure ambassadorial role with American sports brand Nike

Coe pictured with his predecessor Lamine Diack, who is accused of accepting bribes to conceal doping

Coe smiles with Diack (right) during the 50th IAAF Congress at the China National Convention Centre

'I was in a conversation with a Nike official in discharging my ambassadorial role, discussing a range of issues,' Coe added.

'I was asked specifically about my view of what was happening (around the hosting of the championships). It wasn't the only question I'd had in that subject - there was a high level of speculation from both bidding cities as to what the process was going to be. 

'I sought clarification from the president of the IAAF, who told me he saw no reason as to why that bidding process shouldn't continue.

'The best advice I could give to any cities was to put your best foot forward and get into the bidding process.'

Coe (pictured with Paula Radcliffe at a Nike event in 2006) has left his ambassadorial role with Nike

Lord Coe has finally severed his ties with Nike after accusations of a conflict of interest