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Lord Coe 'Angered' After Nestle Pull Out Of Deal

(c) Sky News 2016

Lord Coe has declared that athletics' world governing body will not accept Nestle (VTX: NESN.VX - news) 's move to pull out of a sponsorship deal over corruption allegations.

The Swiss-based food and beverage company said in a statement it was concerned it would suffer reputational damage following claims senior officials solicited bribes to protect doping cheats.

Nestle has been a financial backer of the International Association of Athletics Federations (IAFF) Kids' Athletics programme since agreeing a five-year deal that took effect in January 2012 and is entering its last year.

The company said in a statement: "We have decided to end our partnership with the IAAF Kids' Athletics programme with immediate effect.

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:: Athletics Body Denies 'Systemic Corruption'

"This decision was taken in light of negative publicity associated with allegations of corruption and doping in sport made against the IAAF.

"We believe this could negatively impact our reputation and image and will therefore terminate our existing agreement with the IAAF, established in 2012.

"We have informed the IAAF of our decision and await a formal acknowledgement from them that our partnership has ended."

IAAF president Coe is thought to be preparing a legal challenge to the move, saying he was "angered and dismayed by today's kids' athletics announcement. We will not accept it. It's the kids who will suffer".

:: 'Offer Rolex Watches' To Host Athletics Events

The organisation's officials deny claims of "systemic corruption" and insist it has "dedicated staff with high ethical standards" who maintain a world-class anti-doping operation.

The organisation has been under fire following the revelation of state-supported doping in Russia, allegations that it failed to act on evidence of doping by leading athletes, and that senior officials solicited and received bribes to protect cheats.

Last month it emerged that German sportswear giant Adidas (Other OTC: ADDDF - news) was also looking to end its deal as a leading sponsor of the IAAF four years early.