The announcement was made at a restaurant on 52nd Street which had once been a "speakeasy" where illicit alcohol was sold during America's prohibition era of the 1920s.

The location seemed appropriate for payment to athletes was considered illegal under the athletics regulations at the time.

It came only two months after Munich 1972 Olympics and was the brainchild of Mike O'Hara, a former volleyball player who had won gold at the 1959 Pan American Games.

"We strongly believe that the time has come for professional track," O'Hara said. "We think it can be a success in this country."

There had been professional athletics as far back as at least the 18th century, largely driven by sporting wagers and betting but this was the first major initiative in the television age.

Forty-eight of the biggest names were announced to have signed for the International Track Association (ITA).

In 1972 the "amateur" character of the sport was reflected in the name of the World Athletics governing body, then known as International Amateur Athletic Federation (IAAF). The IAAF President was the Eton- and Cambridge-educated Marquess of Exeter, 1928 Olympic 400 metres hurdles champion.

A staunch defender of amateur values, he also led the Amateur Athletic Association in England.

In America men of a similar cut ran the Amateur Athletic Union. The reality was that many of the regulations were being flouted and sports goods manufacturers had already begun making payments to athletes to wear a particular brand of running shoe.

The ITA planned to hold indoor meetings almost once a week in its first year. Each was to comprise 12 events, with two for women, at an estimated overall cost of $1million (£860,000/ €1 million). The first prize in each race was to be $500 (£430/€501) with bonuses paid for breaking records.

Inevitably perhaps, the circuit was dubbed "Go for Dough" or "Dash for Cash".

Star names included Lee Evans who won 400m gold at the 1968 Olympics in Mexico. His world record of 43.86sec stood for almost 20 years.

"My competitive desire has dwindled in recent years," admitted Evans. "The ITA has opened the door for me to continue my athletic career."

Others who signed included world mile record-holder Jim Ryun.

Pole vaulter Bob Seagren and shot putter Randy Matson - both gold medallists at the Mexico Olympics signed - on the dotted line soon to be joined by Olympic 100m gold medallist Jim Hines.

Sprinter Jean-Louis Ravelomanantsoa of Madagascar, a finalist in 1968, also joined the group.

For those who had signed there were other opportunities to earn money from their sporting prowess.

Dick Button, Olympic figure skating gold medallist turned television executive, was about launching a made-for-television event called The Superstars, Seagren was its first winner.

Yet arguably the ITA's biggest coup was the signing of Kenya’s double Olympic gold medallist Kip Keino.

"He is committed to his country but when the Games are over I am sure he will look very closely at our organisation," predicted O’Hara shortly before the 1973 African Games in Lagos.

Keino lost over 1500m to Tanzania's Filbert Bayi and promptly headed to America to sign for the ITA. "All my life I have run for Kenya, now I run for Kip," was how Doug Gardner reported the signing in the 1973 Sportsworld athletics annual.

"I’ve helped put my country on the map, I will join the professionals but I will still have my country in my heart," Keino insisted.

Marty Liquori, a 1971 Pan American Games 1500m gold medallist, was hired as Master of Ceremonies and participants were given guidance on how to behave at events.

"During introductions, it is important for the athletes to realise that the spectators paid money to come and see them and the more responsive they can be the better," an ITA manual read. 

"Wave during introductions, smile, turn to all sides of the arena and acknowledge the applause," it advised and encouraged winners to take a lap of honour. 

"Our whole thrust is toward the sports fan," said O'Hara. "The way we reach eventual success is to get the sports fans in each city interested in us once a year."

Some 10,400 attended the first pilot meeting in Pocatello, Idaho in March 1973. The 1967 Pan-American Games 1500 metres gold medallist Tom Von Ruden won the mile in 4min 9.6sec to become the first winner on the circuit.

The first woman to win was Lacey O'Neal, a sprint hurdler at the 1964 Olympics who won the 100m in 11.8sec.

World 400 metres record-holder Evans lowered the 600m world record to 1:16.7. He ran accompanied by "synchronised pace setting lights" to help set the mood.

"I wanted to help ITA get off to a good start and I wanted the world record," Evans said. "I knew if I stayed ahead of the light, I'd have it."

Ryun also had the lights accompanying him in a solo race over 1500m.

Warren Edmondson broke the 100m world indoor record, earning a bonus.

World record holder Bob Beamon won the long jump and Seagren finished first in the pole vault but the only world record in the field came from high jumper John Radetich who cleared 2.25 metres. He was later upset when the outspoken Dwight Stones called the achievement into question.

"What he said hurt me because I am always honest," Radetich complained

In fact none of ITA records were ever entered into the official record books because the IAAF refused to recognise them.

There were also competitions which foreshadowed the mixed relays in more recent times.  These featured a quartet comprising a high jumper, a long jumper, a female sprinter and a hurdler and an additional race had teams with a shot putter, a pole vaulter, hurdler and a sprinter.

Later celebrities from American football would race and shot putter Brian Oldfield challenged and defeated the women sprinters on the track.

The meeting which officially launched the ITA circuit was held at the Los Angeles Arena at the end of March 1973.

Beamon also produced his best performance since his world record at the Mexico Olympics five years before.

Unfortunately the showpiece mile race between Keino and Ryun suffered from a technical fault. Keino took the lead on the second lap and soon extended his advantage to 11 yards.

Officials miscounted and as Keino approached the finish they frantically signalled that there was still one more lap to run.

"I could not get any momentum going on that last lap, I just jogged," Keino said.

A similar problem occurred in the 500m where Munich Olympic 400m champion Vince Matthews and 1968 silver medallist Larry James both stopped when a tape appeared at the finish line too soon.

Evans, the eventual victor, had been "keeping track of the laps" and won in 1:03.9.

Meanwhile Ryun and other athletes complained that their training had been interrupted because they had to spend too much time promoting the tour.

Even so, in 1973, 64 athletes shared over $204,000 (£175,000/€204,000) in prize money. The top earners were Evans and Oldfield who both won around $13,000 (£11,193/€13,000).

The basic prize money had been supplemented by payments from sponsors. Oldfield soon pioneered the technique of breaking world records by smaller margins.

"I can make more money that way," Oldfield confessed.

Meanwhile there were reports that some in the amateur ranks had cast doubt on the validity of records.

It proved a mixed first year but a television deal with the American Broadcasting Company (ABC) seemed a positive sign.

Yet even in the first season the crowds fluctuated.

An early meeting in Tingley Coliseum in Albuquerque attracted fewer than 5,000 paying customers despite a meeting which included two world indoor records.

"The ITA is undoubtedly the best organised professional venture yet, looks likely to survive only as a gimmick ridden indoor package sport," wrote Tom Mc Nab in the Athletics '74 Yearbook. 

Early in the second year, the ITA signed Kenya’s Ben Jipcho who had just won 5,000m and 3,000m steeplechase gold at the 1974 Commonwealth Games in Christchurch.

On his ITA debut, he clocked 8:34.0 to win the two miles and only 50 minutes later won the mile in 4:03.4.

The circuit moved outdoors and even staged a meeting in Tokyo where 20,000 saw Jipcho defeat 1972 Olympic 800m gold medallist Dave Wottle by half a second over 1500m.

Even so, biggest names in athletics remained reticent about signing. 

"They have nothing to offer," the glamorous American runner Steve Prefontaine insisted. "If they buy me, they are buying my amateurism, my ability my time and my life, they would be able to tell me when to run and where and I would have no say in the matter."

Tragically Prefontaine was killed in a car crash, but as the Olympic year of 1976 in Montreal dawned, the biggest stars were increasingly unwilling to jeopardise their place at the Games.

They had also realised they were better off in official athletics, where payments were sometimes made under the counter.

The circuit continued but was eventually wound up in 1976.

"We did not anticipate the amateur athlete making the dollar he is now making and predicted a lot more athletes coming to us," O'Hara admitted as the final three scheduled events were cancelled.

Within a decade, Olympic and World Championship athletics were both completely open.