Coe pledges financial boost for member federations

By Justin Palmer LONDON (Reuters) - Sebastian Coe has pledged an extra $22 million to be distributed equally among all 214 member federations if he is elected president of the IAAF, the governing body of athletics, next month. The twice Olympic 1,500 metres champion and chief organiser of the 2012 London Games, hoping to succeed Lamine Diack who is stepping down, promised an "Olympic Athletics Dividend" to help develop the sport around the world. All federations will receive at least $100,000 over a four- year cycle. Briton Coe and Ukraine's former Olympic pole vault champion Sergey Bubka are the only candidates to succeed long-serving Diack in the election to be held on Aug. 19 in Beijing ahead of the world championships. "If I am elected president I will ensure an Olympic Athletics Dividend is established and available to all of the IAAF's 214 member federations to help fund athletics projects and development on the ground, where it matters most," Coe told reporters before Friday's Anniversary Games at London's Olympic Stadium. "I want to see the IAAF work hand in hand with the member federations to support and identify opportunities that fit with their strategic priorities. Crucially this dividend will also allow for federations to plan over a longer term." Coe said the investment could help fund all manner of projects, including construction, refurbishment or maintenance of facilities, preparation and training of athletes and talent identification programmes in schools and clubs. He launched his manifesto in December, saying he wanted to transform the "disjointed" athletics calendar, attract more young people to track and field and set up an ethics department.