UK Athletics has formed a pioneering joint venture with the organisers of the London Marathon and Great North Run that will see major events underwritten by the private sector.
Athletic Ventures will deliver the annual Diamond League meet in the UK and the 2026 European Athletics Championships in Birmingham.
It is also set to lead a bid to host the World Athletics Championships in Britain in 2029 and lead the search for new sponsors to fund the loss-making sport.
UK Athletics CEO Jack Buckner called it a “groundbreaking model for the development of athletics and for major sports events in the UK”.
“We pledge to build on this huge opportunity to rejuvenate British athletics, working alongside our Home Country partners, to restore our sport to the popularity of the golden days of the 1980s,” he added.
UK Athletics announced losses of £3.7m last year and forecast a further deficit of £1.6m for 2023-24, with the staging of one Diamond League event running up a £800,000 bill.
The Great Run Company, which founded the Great North Run, and London Marathon Events, had been linked with taking over the running of the Diamond League meet.
This wider partnership is a bolder move and eases concerns about the solvency of UK Athletics and the burden of its activities on the public purse.
World Athletics president Lord Coe said: “We applaud this innovative initiative and eagerly look forward to seeing the promising journey ahead.”
Paul Foster of the Great Run Company; Jack Buckner of UK Athletics; and Hugh Brasher of London Marathon Events launch Athletic Ventures. Photo: Andrew Baker
Esther Britten, Head of Major Events at UK Sport, called Athletic Ventures “a great example of collaboration and innovation to support the sustainable long-term health of national governing bodies. We know that building the right partnerships will help our sector’s resilience in event delivery, and we look forward to seeing how this evolves over the coming years.”
The UK is hoping to bid to host the 2029 World Athletics Championships, 12 years after it was held in London.
It is part of a long list of major sporting events that it is targeting in the next 10-15 years, announced earlier this year by UK Sport.