Grand Slam Track: Inside Michael Johnson’s New Plan to Pay off Gabby Thomas, Emmanuel Wanyonyi and Co

Michael Johnson's beleaguered Grand Slam Track league has filed a reorganization plan in a bid to emerge from bankruptcy and secure its future.

The proposal, submitted Monday in US Bankruptcy Court, heavily favors athlete compensation, offering them a significant portion of their owed earnings while other creditors would receive only a fraction of what they are due.

The plan hinges on a new ownership group, led in part by Johnson, injecting over $6.2 million into a reorganized entity. The vast majority of this new capital—$6 million—is designated to pay athletes approximately 85% of the $7 million they are still owed from the league's tumultuous debut season.

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In stark contrast, the league's general unsecured creditors, which include vendors and contractors such as TV producers and marketing agencies, would be left with a much smaller piece of the pie. This group, collectively owed around $13 million, would have to split a mere $200,000, representing a recovery of just 1.5% of their outstanding claims.

Founded by Olympic legend Michael Johnson, Grand Slam Track (GST) launched in 2025 with the promise of record prize money and a series of four high-profile "slams." The league attracted top talent like Sydney McLaughlin-Levrone, Gabby Thomas, Emmanuel Wanyonyi, Kenny Bednarek, Melissa Jefferson-Wooden and Josh Kerr but ultimately held only three events before filing for Chapter 11 bankruptcy.

The proposed reorganization is a strategic effort to maintain goodwill with the athletes—the league's most critical asset—while using bankruptcy proceedings to shed the substantial debts incurred during its underfunded first season. Under the plan's terms, current leadership, including CEO Michael Johnson and President Stephen Gera, would retain their roles.

Winners Alliance, the investment group affiliated with Bill Ackman and a major backer of the first season, is expected to provide "all or part" of the new financing. This move aims to create a path toward a potential second season.

All creditors, including the athletes, will have the opportunity to vote on the proposal. However, the plan includes a significant stipulation: if an athlete votes against the plan and it is ultimately approved, that athlete will be moved into the creditor group recovering only 1.5% of their owed money.

Creditors have until April 9 to file objections, with a confirmation hearing scheduled for April 16, 2026, to determine the league's fate. Negotiations are expected, particularly from the non-athlete creditors facing a near-total loss on their $13 million in claims.

The filing provides no specific details on when or how a potential second season would be staged, focusing solely on the financial structure for emerging from bankruptcy.

Last week, World Athletics issued a statement on the matter, declaring, "It is unconscionable that efforts would be made for Grand Slam Track to restart in 2026 without the settlement of outstanding financial obligations to athletes, vendors and service providers."

Strategically, the plan recognizes that GST cannot survive without its athletes. If the proposal is accepted, athletes, who have already received 50% of their earnings, would ultimately recover $13 million of the total $14 million they were promised—a 92.9% recovery rate.

While other creditors can object to leverage better terms, the alternative could be receiving nothing if the league liquidates entirely.