Lord Coe has been defeated in his quest to become the most powerful person in sport.

The 68-year-old lost out to Kirsty Coventry, with the Zimbabwean to become the new president of the International Olympic Committee.

Coe received just eight out of 97 votes from the IOC members to finish third, with Coventry a clear winner with 49 ahead of Spain’s Juan Antonio Samaranch (28).

Taking to the podium after her victory was announced, Coventry spoke of her excitement at taking the role and insisted the future of the Olympics is ‘bright’.

Coventry said: ‘I am incredibly honoured and excited to be elected as President of the International Olympic Committee! I want to sincerely thank my fellow members for their trust and support.

Lord Sebastian Coe has lost in his bid to become the 10th president of the IOC, finishing third

Kirsty Coventry (pictured) will become the first female IOC president after beating Coe

Juan Antonio Samaranch (pictured) was a leading candidate, but finished second to Coventry

‘The young girl who first started swimming in Zimbabwe all those years ago could never have dreamt of this moment.

‘I am particularly proud to be the first female IOC President, and also the first from Africa. I hope that this vote will be an inspiration to many people. Glass ceilings have been shattered today, and I am fully aware of my responsibilities as a role model.

‘Sport has an unmatched power to unite, inspire and create opportunities for all, and I am committed to making sure we harness that power to its fullest. Together with the entire Olympic family, including our athletes, fans and sponsors, we will build on our strong foundations, embrace innovation, and champion the values of friendship, excellence and respect. The future of the Olympic Movement is bright, and I can’t wait to get started!’

Coventry was widely viewed as the preferred choice of outgoing president Thomas Bach and her victory will lead to dismay among those who had hoped for reform to a much-criticised body. Indeed, there had been widespread reports that Bach, who has been in place since 2013, had been lobbying members to casts their votes for Coventry.

A former swimmer, she received £55,000 from dictator Robert Mugabe and is minister of sport for a government elected in a process slated by human rights groups. Her time in post has seen her viewed as the soft face of what is deemed by many to be a brutal regime. 

At the height of her Olympic successes, Mugabe branded her ‘our golden girl’ however, she has been criticised heavily for her handling of FIFA’s 18-month ban on Zimbabwe and failure to prevent a perceived decline in football, boxing and other sports.

Coventry ran on a platform of ‘zero tolerance for corruption… and unethical behaviour’.

Coe was widely-viewed as a more serious reformer and his defeat will disappoint those who were seeking change. 

During his time as head of World Athletics, he has overseen the introduction of a robust anti-doping programme, has banned Russian athletes and introduced regulation on the involvement of DSD (difference in Sexual development) and transgender athletes in female categories.

Coe’s defeat will disappoint those who were seeking significant changes to the Olympics

FIFA president Gianni Infantino was among those who voted for the next president in Greece

Around 100 IOC members, including the likes of FIFA president Gianni Infantino, the Emir of Qatar and princesses from Liechtenstein and Saudi Arabia, voted at the five-star Westin hotel on the south coast of the Greek mainland.

Also in the race were Prince Feisal al Hussein of Jordan, Johan Eliasch, David Lappartient and Morinari Watanabe.

Coe will now return to his role as president of World Athletics, which he has held until 2015.

Coventry will take office on June 23.