International communications and sports marketing group Chime has officially acquired Lord Sebastian Coe's 93 per cent interest in management consultancy business Complete Leisure Group (CLG).

Coe received an initial £1.96m under the deal, with an additional £10.2m payable over the period to March 2017 on the achievement of various financial targets.

He has also been appointed executive chairman of CSM Sports and Entertainment - the sports marketing division of Chime.

CLG owns all the rights to Coe's income streams over the next 15 years including commissions, royalties and consulting income.

In a statement Chime said Coe was one of the most high profile figures in world sport and the acquisition of CLG would assist CSM reach its aim of becoming one of the top three sports and entertainment businesses in the world.

When the proposed acquisition was announced last October, Coe praised Chime for its breadth of sporting interests and skills, and expressed his interest in using his experience to develop the business.

In the year to December 2012 CLG's pretax profit was £154,000 and gross assets on completion of the deal were £764,000.