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 Dec 11, saying that the move was necessary to stabilise finances after a crisis-hit inaugural season.

The US Olympic legend launched Grand Slam Track earlier in 2025 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 in Los Angeles following meets in Kingston, Miami and Philadelphia.

The 58-year-old 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 Dec 11, Grand Slam Track said the circuit had filed for Chapter 11 bankruptcy protection in the state of Delaware to “position the league for sustainable long-term growth.”

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

The league, founded by Johnson in 2024, aimed to capitalise on the sport’s popularity following the Paris Olympics. When Grand Slam Track was announced, it disclosed US$30 million (S$38.7 million) in funding from investors, including Winners Alliance, backed by billionaire Bill Ackman.

Following its inaugural event in Kingston, Jamaica in April, GST had planned three more races in US cities. But reports later indicated financial trouble, and athletes had yet to receive prize money from the first event.

Hoping to boost the sport’s popularity in the US during non-Olympic years, four-gold Games 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 this 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 Dec 11 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