Alan Pascoe has set up a new sports agency focused on athletics, called Fast Track, after selling his stake in sports agency Alan Pascoe International (API), the company he formed 20 years ago.
Pascoe, the most senior figure in UK sports marketing, will now concentrate on reviving the British Athletics Federation (BAF) which went into receivership last year with debts of about 2m.
Fast Track will stage four major athletics meetings, beginning with the Bupa Games in July.
The sport’s existing commercial sponsors – Reebok, Bupa, Spar and Seiko – are backing the new structure.
Earlier this week, Pascoe sold his remaining 40 per cent stake in API to sports marketing group Octagon, which is owned by the advertising conglomerate the Interpublic Group.
Octagon bought the other 60 per cent of API, as well as rival sports agency Advantage, last May. The two companies were expected to merge, with Frank Craighill, the founder of Advantage, tipped to lead the new company (MW May 25 1997).
In January, Craighill was made president of the Octagon holding company. The merger of API and Advantage will now be led by current Advantage chairman Lee Fentress. The combined companies have billings of 500m a year.
When Interpublic bought the majority stake in API, Pascoe told Marketing Week: “I am certainly very committed to it and intend to remain part of it.”
In a statement released on Tuesday he says: “My decision was not an easy one. Key to this decision has been my desire to be directly involved in client work, instead of the management and administration of a huge multinational conglomerate.”