LONDON (AFP) - Athletics needs more meetings pitting the top names against each other on a regular basis or risk seeing the sport decline, says two-time Olympic gold medallist Sebastian Coe. "No change is not an option," Coe told Sunday's The Observer. Lord Coe, now chairman of the London Organising Committee for the 2012 Games, says there has to be a revamp of the competitive format to bolster sagging interest. "If we don't change we die," said Coe, ahead of a meeting with fellow International Amateur Athletics Federation (IAAF) vice-presidents in Monaco, where discussions are to be held on the proposed Diamond League, a global series of 12 meetings involving offering central contracts to top stars such as Usain Bolt and Asafa Powell. If the project goes ahead it will constitute a major shake-up of international athletics with the proposed league constituting 12 meetings between May and September across three continents from next year. The Monaco meeting is designed to work out issues such as sponsorship, prize money, appearances and broadcasting as it targets a shake up of the current Golden League format consisting of six European meetings where athletes sweeping all six can land a share of a million-dollar jackpot. Eight of the proposed meetings would take place in Europe with the United States and Asia hosting another two each. Coe insists athletics is strong but "it faces challenges. There's a degree of confusion among the public about how the season works and we have to change that. "If tennis can have Federer and Nadal going up against each other several times a year, we need to have Usain Bolt running against Asafa Powell more than twice a year. We need a coherent narrative through the season."