Diack, 81, who is due relinquish his position as head of athletics world governing body next August after 15 years in office, insisted in what was an effective valedictory message:

"The continued evolution and reform of the Olympic Movement is something that the IAAF needs to be closely involved in, because athletics will remain the heart and soul of the Olympic Games.

"We can have lot of new sports coming into the Games but the heart of the Olympics is the only sport that can gather in the same place at the same time the world planet, 213 countries."

Diack added: "We are also helping to shape, with the support of the influential athletics' lobby in the IOC, the initiatives of the '[Agenda] 2020 Project" led by IOC (International Olympic Committee) President Thomas Bach.

"We will work as a devoted partner to the IOC but at the same time maintain our independence and autonomy as an association."

IAAF President Lamine Diack has said that his sport will help to shape the new Olympic plans being mooted under the 2020 Project initiated by new IOC President Thomas Bach ©IOC

Diack claimed he was "very pleased" that the IAAF had consolidated its commercial stability through the new agreement with Marketing Partners Dentsu through to 2029.

"I believe that the best present I can give my successor as President is the long term financial security that such a deal provides.

"It is much easier to embark on a programme of change when the basics of financial security have been met."

Earlier in the day Diack and Prince Albert II of Monaco met at the Fairmont Hotel to sign agreements over the IAAF's continuing residence since 1994, and their impending re-location within the Principality.

"I am also delighted to have signed a new convention with the Principality of Monaco which means that the IAAF Headquarters will be re-located in the coming months to custom designed new offices which will be appropriate not just to the status of our organisation but will allow the utmost efficiency of operation as well," Diack said.

"I would like to say how thrilled I am that the relationship between the Principality and the IAAF is ongoing, especially with these new premises," commented Prince Albert.

Prince Albert II of Monaco and IAAF President Lamine Diack after signing a deal for the world governing body to move to new headquarters in Monte Carlo ©Getty Images

In more reflective mode, Diack added: "Forty five years ago I was Sports Minister of my country and when I spoke about developing sport they would slam the doors on me and say I was wasting my time.

"Now we see a United Nations declaration that April 6 is in future the International Day of Sport for the Development of Peace, and we have a UN resolution supporting the independence and autonomy of sport.

"It has been an honour and a privilege to lead this great sporting institution as President but also to have been involved with the IAAF Council since 1976.

"Our sport has been completely transformed in my lifetime and I am delighted to be able to pass the baton now to my successor and to rest assured that Athletics will continue to evolve and thrive."

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