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Grand Slam Track, the athletics league started by Olympic champion Michael Johnson, has sought Chapter 11 bankruptcy protection in Delaware, aiming to stabilize its finances after a tumultuous inaugural season.
This was announced on Thursday.
The league’s first year was filled with problems, including the cancellation of its Los Angeles finals and the reduction of the Philadelphia schedule from three to two days.
The Grand Slam track also faced difficulties in paying athletes as promised funds did not materialize and attendance was significantly low at its initial leg in Kingston, Jamaica.
Mr. Johnson himself admitted in August that the league could not meet its promised payment deadlines.
The Grand Slam track said the court-supervised process will enable it to stabilize 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, confirmed it was finalizing debtor-in-possession financing.
“Grand Slam Track was established to create a professional platform that reflects the talent and dedication of this sport’s athletes,” Mr. Johnson, who won Olympic gold in the 200 and 400 meters at the 1996 Games in Atlanta, said in a league statement.
“Although GST has faced significant challenges that have disappointed many people – including myself – I refuse to abandon this mission.”
Chief restructuring officer Nicholas Rubin said the move would aid ongoing discussions with potential investors and rebuild relationships with athletes and partners.
The Grand Slam track has expressed its intention to return for the 2026 season once its financial obligations are resolved.
The league was first slated to launch in 2024, before the first event was held earlier this year.
British athletes including Josh Kerr and Matthew Hudson-Smith competed in the first season of Grand Slam track, while American sprint superstars Melissa Jefferson-Wooden and Kenny Bednarek also participated.