Lord Coe accepts invitation to stand for election for role as British Olympic Association chairman Coe's ultimate ambition as he moves on from the unparalleled success of the Games is to become president of the International Association of Athletics Federations, a post that will become vacant in 2015 at the latest. The part-time BOA role will allow him to remain on the international circuit that he has worked so well on London's behalf, as well as to pursue commercial avenues that have been closed to him during the delivery of London 2012. Coe's first task will be to tackle the BOA's financial problems, which are considerable after the success of the home Olympics. The organisation is facing a deficit of up to £2 million for the year after its commercial programmes fell well short of the targets required to cover the cost of the first-class services provided for its largest-ever team. Sales of two pieces of merchandise central to the BOA's finances, a supporters" scarf and collectable medallions, fell well short of their targets, with surplus scarves being sold for cash in Trafalgar Square on Monday. Relations with other stakeholders in sport such as UK Sport were also strained in the build up to the Olympics, but Coe can be expected to build a fresh consensus. "I believe you are better working in tandem with people than in isolated pockets," he said.