Athletics is set to receive a huge £200m financial boost after a Japanese marketing firm agreed to renew their contract with the IAAF for a further 15 years.
Dentsu, an international advertising and public relations company, have ensured the sport will invest a minimum of £11m yearly up until 2019, which will then be raised to £14m per year up to 2026.
As IAAF president Lamine Diack prepares to step down from his position next year, former 800m world record holder and London 2012 Olympic Games chairman, Lord Seb Coe, now looks set to take the role.
Coe has had strong ties with Dentsu ever since they partnered with the IAAF, and this could make him a clear favourite over Ukraine’s pole vault great Sergey Bubka in the running for the job.
In a sport tainted by drugs cheats, Coe is sure to have a heavy anti-drugs agenda when he auditions, which has prevented athletics from getting publicity above other globalised sports.
In terms of finances, the IAAF will hope to build on the growing success of the Diamond League track races, as well as the 2015 World championships, which will be held in Beijing.