A statement on his behalf by London 2012 said: "Sebastian Coe has had a range of business interests, including his public speaking engagements, for the last 20 years.

 

"He has meticulously declared and registered these interests at the Department of Culture, Media and Sport (DCMS), London 2012 (LOCOG)  and the International Olympic Committee (IOC), and ensured there are no conflicts with his role as chairman of London 2012.

"Beginning in March 2005, Sebastian Coe put in place plans to consolidate all his personal interests in a more formal corporate structure, Sebastian Coe Ltd, and ultimately established an umbrella company, The Complete Leisure Group plc to manage his personal business activities and also investments in a small number of public and private companies involved in sports leisure and sports media.  

"It is incorrect to suggest as a paper today has £200,000 was earned by Sebastian Coe Ltd over a two month period immediately after London won the bid.

 

"The £200,000 figure in fact represents income from a range of business interests and includes quarterly and half yearly payments from long standing business relationships, some of which go back almost 20 years and to his days as a world champion athlete. 

 

"With regard to the speeches, Sebastian Coe has been making speeches for over 20 years, he receives no payment for the hundreds of speeches he makes on behalf of London 2012, and requires all his private speaking engagements to acknowledge in writing that there is no association with London 2012."