Sebastian Coe is no longer a Nike ambassador. Coe, the newly elected IAAF president, is under pressure following recent claims of a conflict of interest.
Coe, who step down with immediate effect, said, "I don't believe it was a conflict of interest.”
BBC pointed out that Coe is facing conflict of interest allegations after emails emerged suggesting he lobbied his predecessor over the hosting of the 2021 World Championships.
Coe said it was natural he would encourage the town, which is where Nike was founded and is 100 miles from its current home in Portland, to bid again given it narrowly lost out to Doha for the 2019 world championships.
Coe, who earns a reported £100,000-a-year with Nike, said, "I have always declared my interests with Nike, but it was purely on a basis that I felt I needed to focus unflinchingly on the challenges ahead with my colleagues, and it had become a distraction, there's no doubt about that."
"I have sought advice from the IAAF's Ethics Committee to review my interests and was told I could retain my positions in Nike and CSM as long as I do not seek to influence any decisions that could influence them," Coe said at a news conference following an IAAF Council meeting.