Speaking on a media call Coe said the new event would enable athletics to "keep momentum" by involving "the best of the best", explaining: "We want a new format that we can add to our four-year-cycle.

"It’s been described as a fallow year although of course it’s not, as we have the European Championships in 2026.  

"But the important thing here is that we have a format that is different.

"We are still inching our way there and we haven’t entirely agreed on format, and we are still working with potential hosts here - so more to follow.

"But I envisage this as two or three nights of high quality athletics which focuses on the best of the best.

"These won’t be huge fields, there won’t be heats.

"This will be an action-packed two or three days, and unashamedly it will be designed for television."

Coe, who is due to stand unopposed for a third term in office at the upcoming World Athletics Congress in Budapest on August 17, on the eve of the World Championships, was also asked if he would countenance investment from a country such as Saudi Arabia to take the sport "to the next level."

“My default position is that investment from any country or any sector looking to come into our sport would be looked at very carefully," he said.

"Our Executive Board has said no to certain sectors and in the past we’ve said no to certain countries.

"We can only make that judgement when we get to it."