Lord Coe accused of 'cleaning up' over Olympics

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Accounts reveal that Lord Coe, who earns £285,000 as chair of the London Organising Committee of the Olympic Games, received a further £135,000 in speaking fees and £326,000 from his 'image rights'.

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Lord Coe: Accused of 'cleaning up' as Olympics Chief after earning an extra £461,000 from speeches and personal endorsements

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He is also believed to have made £2.7million from shares in the Complete Leisure Group, which was set up just 16 days after the successful bid.

Balance sheets show CLG - the parent company of Sebastian Coe Limited, a vehicle for his earnings from speeches and appearances - earned £326,700 for its 'exploitation of the intellectual property and image rights relating to Lord Coe'.

Some £434,184 was generated by offering 'consultancy advice on sports-related activities'.

Sebastian Coe Limited made a £135,637 profit for the year to December 2006.

The disclosure will fuel fears that the 2012 Games are fast becoming a taxpayer-funded 'gravy train' for many of the leading figures involved.

Liberal Democrat MP Norman Baker said: "Lord Coe is certainly cleaning up and using the opportunity given to him from his Olympic role to improve his own position personally and significantly.

"If he is as successful with the Olympics as with his personal arrangements, then it will be a very successful Olympics."

Earlier this year, the Games were hit by claims that senior figures were cashing in with generous fees and salaries.

It was revealed Princess Anne was being paid £400 an hour to attend planning meetings, while chief executive Paul Deighton drew a salary and bonus totalling £536,000 - despite having a fortune of £110million.

A spokesman for the CLG said: "Lord Coe has turned down numerous business opportunities to avoid conflicts of interest."