Seb Coe Responds to Possible Grand Slam Track Comeback After Bankruptcy Fallout

World Athletics President Seb Coe has emphasised the need to ‘police the calendar’ following the bankruptcy filing of Michael Johnson's ambitious Grand Slam Track (GST) series.

The four-time Olympic champion's venture, which promised lucrative prize money, has left millions owed to creditors, including some of the sport's biggest stars.

Despite the setback, Michael Johnson stated last week that he ‘refuses to give up on the mission,’ despite the ‘significant challenges’ he faces.

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When questioned about World Athletics' power to prevent a potential Grand Slam Track revival, Seb Coe was cautious but firm.

"I don't want to get into the embers of this... but we do create the calendar," he stated as quoted by BBC Sport, highlighting that the global governing body must authorise any future events.

"We have to make sure that when there are fresh events, they come to the table with the kind of credentials and assets that I've talked about.

"There's a responsibility to do that, and I think probably going forward, that is something we will look at in greater depth."

Grand Slam Track organisers have attributed the competition's failure to the withdrawal of committed investment.

They intend to use the Chapter 11 bankruptcy process in the United States to ‘stabilise its finances, implement a more efficient cost and operating model, and position Grand Slam Track for long-term success.’ This legal mechanism allows a company to restructure its debts while continuing to operate.

The series launched this year with events in Kingston, Miami, and Philadelphia, but was plagued by cashflow issues and low attendance, leading to the cancellation of a fourth meet in Los Angeles.

Court documents filed in Delaware revealed the extent of the financial fallout, with top athletes among the largest creditors.

American sprint star Sydney McLaughlin-Levrone is owed £265,000, while Gabby Thomas is due £186,000. Scottish middle-distance runner Josh Kerr is also listed, with £162,000 in unpaid appearance fees and prize money.

Seb Coe emphasised that while innovation is welcome, it must be grounded in a solid foundation. "We welcome innovation into the sport, we welcome fresh investment, but it has to be underpinned by a sustainable, solid financial model, executed and delivered on behalf of the athletes," he said, referencing World Athletics' own upcoming Ultimate Championships.

"There is a responsibility to make sure that you've got a solid business plan, a plan A, and a bulletproof plan B.

"You've got to execute really well, and if you don't, the risk is always going to be that the group you most want to take with you, the athletes, are put at risk."

The new biennial event, set to debut in Budapest next year, will feature a prize pot of over £7.4 million, with winners receiving £111,582 each.