Lord Sebastian Coe has announced that he is to step down from his ambassadorial role with Nike after coming under scrutiny over a potential conflict of interest.

The 59-year-old athletics chief, who has held his position with the American sportswear giant for 38 years, will also quit as chair of the British Olympic Association at the end of the Rio Games in 2016.

Coe was under growing pressure to sever his ties with Nike due to big questions surrounding Eugene's successful bid for the 2021 World Athletics Championships.

At a press conference in Monaco this evening, the man elected as IAAF president in August said: "I have stepped down from my ambassadorial role with Nike. 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.

"In alignment with the internal governance and review, I have reviewed my portfolio of interests. I have sought advice from the IAAF ethics commission and have received confirmation from them that I could retain my roles with Nike and CSM if I was not involved in any decision relating to them.

"But it is clear that perception and reality have become horribly mangled. I have stepped down from Nike position I have held for 38 years. I have always declared my role with Nike as I have in a range of activities. I don't feel it was a conflict of interests, but it had undoubtedly become a distraction."

Coe had initially indicated that he would resist all calls to give up his £100,000-a-year role with Nike when appointed to his position as IAAF boss earlier this year.