Grand Slam Track Files for Bankruptcy Protection Amid Millions in Debts

Grand Slam Track has filed for Chapter 11 as it struggles to manage significant debts, leaving the league’s future uncertain.

Grand Slam Track (GST), the fledgling professional league founded by Olympic legend Michael Johnson, has filed for Chapter 11 bankruptcy protection as it grapples with millions of dollars in outstanding debts to athletes and vendors.

The startup, which aimed to revolutionise the sport, has been unable to secure the necessary funding to meet its financial obligations.

In October, the league managed to pay athletes only half of the money they were owed and subsequently attempted to negotiate payment plans with its vendors.

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However, these negotiations faltered after several vendors rejected Grand Slam Track's proposal. The offer was to pay them 50% of their total invoiced amounts, rather than settling half of their outstanding balances, a deal which was deemed unacceptable.

Michael Johnson Breaks Silence on Grand Slam Track Future

In a press release, Grand Slam Track stated its intention to use the Chapter 11 reorganisation process to salvage the league's future.

The company hopes the filing will "stabilise its finances, implement a more efficient cost and operating model, and position GST for long-term success."

Despite the significant setback, Michael Johnson remains committed to his vision for the league.

"Grand Slam Track was founded to create a professional platform that reflects the talent and dedication of this sport’s athletes," Johnson said in a statement.

"While GST has faced significant challenges that have caused frustrations for many, myself included, I refuse to give up on the mission of Grand Slam Track and the future we are building together."

Grand Slam Track Financial Woes

Meanwhile, Grand Slam Track was introduced in 2024 by Michael Johnson with a bold vision to redefine professional track and field.

The concept centred on four high-stakes annual meets (Slams) with a guaranteed $12 million in prize money and salaries for contracted athletes (Racers), designed to give the sport a year-round, consistent profile.

However, the league's ambitious financial model began to unravel almost immediately after its inaugural 2025 season.

Grand Slam Track was hit by a major investor pulling out, causing a massive cash flow issue that led to the cancellation of the fourth meet.

Grand Slam Track quickly fell into deep financial trouble, owing an estimated $13 million in appearance fees and prize money to its athletes, plus millions more to vendors. Michael Johnson publicly acknowledged the failure to compensate those who competed:

“It is incredibly difficult to live with the reality that you've built something bigger than yourself while simultaneously feeling like you've let down the very people you set out to help. However, I have to own that... we promised that athletes would be fairly and quickly compensated. Yet, here we are struggling with our ability to compensate them,” he admitted.

The move to file for Chapter 11 bankruptcy aims to restructure the company, but it has severely damaged trust in the league's future and leaves athletes and creditors uncertain about receiving the remainder of what they are owed.