Michael Johnson's Grand Slam Track files for bankruptcy after troubled debut season

LOS ANGELES – Michael Johnson’s troubled Grand Slam Track athletics circuit filed for bankruptcy protection on Thursday, saying that the move was necessary to stabilize finances after a crisis-hit inaugural season.

US Olympic legend Johnson launched Grand Slam Track earlier this year with the bold goal of transforming athletics, promising a concentrated format featuring more frequent head-to-head races between the world’s best athletes.

However, the circuit stalled amid financing issues, with Johnson forced to cancel the fourth and final leg of the circuit in Los Angeles following meets in Kingston, Miami and Philadelphia.

He said in August that the circuit would not take place in 2026 as planned until athletes waiting to receive prize money for competing in 2025 had been paid.

In a statement on Thursday, Grand Slam Track said the circuit had filed for Chapter 11 bankruptcy protection in the US state of Delaware in order to “position the league for sustainable long-term growth.”

“GST intends to utilize the Chapter 11 process to stabilize its finances, implement a more efficient cost and operating model, and position GST for long-term success,” the statement said.

The league, founded by Johnson in 2024, aimed to capitalize on the sport’s popularity following the Paris Olympics. When Grand Slam Track was announced, they disclosed US$30 million in funding from investors, including Winners Alliance, backed by billionaire Bill Ackman.

Following its inaugural event in Kingston, Jamaica, in April, GST had initially scheduled three additional races in various US cities. But later reports emerged indicating the circuit was facing financial difficulties. Participating athletes also had not yet received prize money from the initial event.

Hoping to boost the sport’s popularity in the US during non-Olympic years, 400-meter champion Johnson created the competition. The event successfully attracted top talent with the allure of significant prize money, offering US$100,000 for first place and US$10,000 for eighth, contributing to a total season pool of approximately US$12.6 million.

The inaugural season came to an abrupt halt following the cancellation of the final event. Johnson later disclosed in an interview with Front Office Sports that the cancellation was due to a “major, major cash flow issue” that arose after a key investor withdrew following the first event.

However, he also insisted in a latest statement on Thursday that he had not abandoned his dream of a viable version of the circuit.

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

“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.”

For now, GST has said it intends to return with a 2026 season once financial obligations are resolved. AFP, BLOOMBERG