The world athletics federation has confirmed that it is to launch a "Diamond League" of at least 12 top-class international meetings in 2010, as revealed in the Observer yesterday.
The International Association of Athletics Federations is seeking to expand its worldwide appeal outside Europe by adding two meetings in the United States and one in China, with a possible extension into the Middle East as well.
The present consortium of Golden League meetings, including the British events at Crystal Palace and Gateshead, will join the new circuit, although Berlin and Rome still have to sign contracts with the IAAF, while Lausanne, Monaco and Stockholm step up from Super Grand Prix status.
The Diamond League – which will replace the six-meeting Golden League – will be aimed at increasing standards of entertainment and competition between the top names, something that has often been lacking due to financial disputes between agents.
"The biggest stars of the sport will be engaged with centralised contracts to ensure that the best athletes take part," the IAAF said in a statement today.
Each of the Diamond League meetings will offer $416,000 (£296,000) in prize money. With the expanded, streamlined calendar, athletics will resemble lucrative sports circuits such as tennis.
The series "will offer an easily understandable series of meetings to provide world-class entertainment", the IAAF president, Lamine Diack, said.
The series will feature 32 different athletics events. There will be an "IAAF Diamond Race" in each event, with points available throughout the season. The athlete with the most points at the end of the series will be awarded a four-carat diamond worth about $80,000.
Television rights for the series will be negotiated by the IMG agency.
Meanwhile the Olympic pole vault champion, Yelena Isinbayeva, wants to retire after the 2013 world championships in Moscow.
"I plan to finish there in front of my home crowd and I plan to succeed there," the world record holder from Russia said today. "I will retire after 2013."
Isinbayeva, who vaulted 5.05 metres in last year's Olympics, said she could go as high as 5.30 before she quits.