Former Olympic heptathlon champion Denise Lewis has been elected as president of UK Athletics, it was announced on Tuesday, with the national governing body facing a cash crisis.
Last week UK Athletics announced annual losses of £3.7 million, with this year's London Diamond League losing some £500 000 on its own.
But the Daily Telegraph reported that a renegotiated deal with sportswear manufacturer Nike had helped stave off bankruptcy, with UK Athletics having £6.5 million cash in the bank as of March 31, which was not on the final balance sheet.
Lewis's new role is largely ceremonial, with UK Athletics chairman Ian Beattie and chief executive Jack Buckner tasked with improving the financial fortunes of the organisation as it looks to break even from 2025.
Lewis won gold at the 2000 Sydney Olympics after taking bronze in Atlanta four years earlier, and was inducted into the UK Athletics Hall of Fame in 2011.
She now succeeds former sprinter Jason Gardener, who was elected UKA president in 2015.