It was a night designed to honour the sporting elite but there was only one winner in the red carpet glamour race.

The 46-year-old cut a very stylish figure in a red custom-made Zac Posen dress and satin-covered peep-toe heels.

She presented American swimmer Michael Phelps with an award following his record haul of eight gold medals at the Beijing Olympics.

The champion scooped five gongs in total including male athlete of the year, ending the five-year reign of Tiger Woods.

Demi and Michael, who at 24 is close in age to her husband Ashton Kutcher, quickly struck up a friendship during the ceremony, even leaving the stage hand-in-hand.