Grand Slam Track, the organization led by legendary sprinter Michael Johnson, has declared bankruptcy following the cancellation of its final event and failure to compensate athletes and vendors. Despite starting with a substantial $30 million fund, the league now only has less than $50,000 in cash, between 200 and 999 creditors, and debts ranging from $10 million to $50 million, according to its Chapter 11 filing in Bankruptcy Court in Delaware.
The organization, which had once signed renowned athletes like Sydney McLaughlin-Levrone, Anna Hall, and Melissa Jefferson-Wooden, aimed to revolutionize the track and field industry by keeping it relevant on television and in the media during non-Olympic years. However, the Athletic reported in October that numerous athletes were still owed significant sums, and most vendors had declined a 50% settlement offer from the league, leading to the eventual bankruptcy filing.
In response to the bankruptcy, Johnson expressed determination to persist with Grand Slam Track’s mission and future endeavors. The league’s challenges became apparent in June when it scrapped its Los Angeles meet, the final event of its inaugural season. The organization emphasized that the reorganization through bankruptcy will enable it to potentially return for subsequent seasons and explore new opportunities, such as expanding participatory events, enhancing media content, and strengthening ties with the global running community.