CSM Sport & Entertainment, chaired by World Athletics President Sebastian Coe, is set to be taken over by Los Angeles based Wasserman Media Group ©CSM Sport & Entertainment

CSM Sport & Entertainment, chaired by World Athletics President Sebastian Coe, is set to be taken over by Los Angeles based Wasserman Media Group, it has been reported.

If the deal goes through, it could impact the world of Olympics significantly as Wasserman Media Group was founded by Casey Wasserman, who is also the chair of the Los Angeles 2028 Organising Committee.

Coe is a non-executive chair of CSM and has been part of the sports marketing firm for more than a decade.

There is no clarity over the price or structure of the takeover yet, as reported by Sky News.

Wasserman Media Group refused to comment on the development.  

Equity investment firm Providence Equity Partners is a shareholder in CSM's parent company Chime Communications and Wasserman.

The 66-year-old Coe, who played a crucial role in London winning the 2012 Olympic and Paralympic hosting rights, had previously sold his consulting business, Complete Leisure Group, to Chime in 2012.

According to reports, the former Conservative MP earned £12 million ($15.6 million/€13.9 million) for the sale of Complete Leisure Group.

Asian insurance giant AIA - that sponsors English Premier League team Tottenham Hotspur and the Alpine Formula One team - is among the top clients of CSM.

Casey Wasserman founded the Wasserman Media Group and is also the chair of the Los Angeles 2028 Organising Committee ©Getty Images
Casey Wasserman founded the Wasserman Media Group and is also the chair of the Los Angeles 2028 Organising Committee ©Getty Images

Meanwhile, Wasserman represents many famous athletes like Manchester City defender John Stones and former England national football team captain Steven Gerrard, who was recently appointed as manager of Saudi Pro League club Al-Ettifaq.  

In November last year, Wasserman signed a partnership agreement with Providence Equity Partners.

insidethegames has approached CSM for a comment.

The move could be a gamechanger for Coe, a two-time Olympic gold medallist, in clearing claims of any conflict of interest if he, as previously suggested, is planning to succeed Thomas Bach as International Olympic Committee (IOC) President.

The German official's 12-year term limit will come to an end at the IOC Session in Athens in 2025.

Bach is keen on a female candidate to succeed him with Zimbabwe Sports Minister and two-time Olympic medallist Kirsty Coventry among the leading candidates.

Coventry is currently in charge of the IOC Coordination Commission for Brisbane 2032.

IOC Coordination Commission lead for Los Angeles 2028 Nicole Hoevertsz is also in the mix to take over from the Montral 1976 fencing champion.  

International Gymnastics Federation chief Morinari Watanabe of Japan is also expected to run for the post.