Dec 11 (Reuters) – Grand Slam Track, the start-up track and field league launched by former Olympic champion Michael Johnson, has filed for Chapter 11 bankruptcy protection in Delaware as it seeks to stabilise its finances after a turbulent inaugural season, the organisation said on Thursday.
The announcement comes after a troubled debut season in which GST cancelled its final in Los Angeles, cut its Philadelphia event from three to two days and struggled to pay athletes when committed funding fell through.
Attendance was poor at the opening leg in Kingston, Jamaica, and Johnson acknowledged in August that the league was unable to meet promised payment timelines.
GST said the court-supervised process would allow it to stabilise operations, reduce costs and address outstanding liabilities while pursuing long-term growth. The league, which had offered unusually high prize money to attract top talent, said it was finalising debtor-in-possession financing.
“Grand Slam Track was founded to create a professional platform that reflects the talent and dedication of this sport’s athletes,” Johnson said in the league statement.
“While GST has faced significant challenges that have caused frustrations for many – myself included – I refuse to give up on the mission.”
Chief restructuring officer Nicholas Rubin said the move would support ongoing discussions with potential investors and help to rebuild relationships with athletes and partners.
GST has said it intends to return with a 2026 season once financial obligations are resolved.
(Reporting by Janina Nuno Rios in Mexico City; editing by Clare Fallon)
Comments