Michael Johnson’s ambitious attempt to reshape professional athletics has come to a sudden and sobering halt. The four-time Olympic gold medalist is now at the center of a major financial fallout after Grand Slam Track (GST), the league he founded to revolutionize elite track competition, officially filed for bankruptcy.
The development marks a dramatic turn for one of the most respected figures in American and world sports, whose post-retirement vision aimed to modernize track and field with higher payouts, a league-style format, and increased commercial appeal.
Grand Slam Track’s financial collapse
According to court filings, Grand Slam Track has voluntarily sought relief under Chapter 11 of the United States Bankruptcy Code in the US Bankruptcy Court for the District of Delaware. The filing comes after GST failed to reach a compensation agreement with creditors, who are collectively owed millions.
Lenders reportedly rejected a proposal that would have allowed them to recover roughly half of the outstanding invoices submitted up until October. With no resolution reached, bankruptcy became unavoidable as the league’s financial obligations continued to mount.
GST’s filing lists assets valued at up to $50,000, while liabilities range anywhere from $10 million to $50 million. The debts are reportedly spread across between 200 and 999 creditors, highlighting the scale of the financial strain facing the organization.
Athlete payments and event cancellations raise concerns
The league had already been under scrutiny following claims that athletes were paid only half of their agreed appearance fees and winnings. In contrast, some suppliers allegedly received no payment at all, further deepening the crisis surrounding the league’s operations.
Those issues came to a head when the final stage of this year’s competition, scheduled to take place in Los Angeles, was abruptly canceled. Earlier stops on the series had also struggled to attract significant audiences, raising questions about the league’s commercial sustainability long before the bankruptcy filing.
The collapse of GST has left athletes, vendors, and investors facing uncertainty, particularly those still awaiting compensation for their involvement in the project.
A major setback for a transformative idea
Johnson, now 58, signed the bankruptcy filing alongside GST president Steve Gera and attorney J. Rudy Freeman. While the filing does not signal the end of all restructuring efforts, it underscores the severity of the league’s financial miscalculations.
Once envisioned as a bold alternative to traditional track circuits, Grand Slam Track now stands as a cautionary tale about the challenges of launching a new sports league, even with a legendary figure at the helm.