The Chartered Institute for the Management of Sport and Physical Activity (CIMSPA) has announced new plans for a business review of the Institute, in preparation for its new governance structure as required by its new charter.

CIMSPA, the professional development body for the UK's sport and physical activity sector, has been looking at ways of sustaining the institute financially, originally looking at a tender to procure an organisation capable of delivering an aspect of the institute's operations.

The tender plans were later scrapped after the trustees of CIMSPA decided that the long-term interests of the institute would be best served by launching an internal review.

CIMSPA trustee David Stalker, will conduct a review of CIMSPA's function and ambition, aiming to build a sustainable three-year business plan.

The review will last initially for three months, during which time Stalker will also put in a series of measures to improve service to current members.

The news of the review comes just days after CIMSPA chief executive Sean Holt announced he was to leave the organisation.

Holt was named the permanent CEO in May 2012 after holding the role in an interim basis since the launch of CIMSPA in 2011.

He was appointed CEO of the Institute of Sport and Recreation Management (ISRM) in 2009 and oversaw the institute's historic merger with the Institute for Sport, Parks and Leisure (ISPAL) to form CIMSPA.