Michael Johnson’s athletics league has filed for Chapter 11 protection after failing to agree a compensation deal with creditors, who are still owed millions from the company
Michael Johnson’s Grand Slam Track (GST) league has declared bankruptcy after failing to reach a compensation agreement with creditors, who are still owed millions. The Times revealed lenders turned down an offer that would have allowed them to recover 50% of the amount due in invoices submitted up until October.
GST has faced mounting pressure amid allegations the athletics league has only paid athletes half their fees. A statement released on Thursday confirmed GST had voluntarily filed for relief under Chapter 11 of the United States Bankruptcy Code in the US Bankruptcy Court for the District of Delaware.
The final stage of this year’s event in Los Angeles was cancelled as the competition became mired in controversy. That’s after earlier stages in the series already struggled to attract audiences.
While some athletes have only received part of their winnings and appearance fees, other suppliers have reportedly been left unpaid entirely. The bankruptcy filing indicates GST has assets worth up to $50,000 (£37,000) and liabilities ranging from $10,000,001 (£7.5m) to $50million (£37m).
These debts originate from amounts owed to “between 200 and 999 creditors.” Johnson, 58, signed the filing alongside GST president Steve Gera and lawyer J Rudy Freeman.
Johnson, who handed back one of his Olympic gold medals, issued a statement on Thursday saying: “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.”
A separate statement from GST also suggested its determination to continue competing, stating: “The bankruptcy process will allow us to address outstanding liabilities in an orderly and transparent manner and strengthen our financial condition, positioning us to move forward with stability and the ability to pursue success and growth in the future.”
GST was branded a flop after athletes competed in front of mostly empty venues. This suggesting minimal public interest in the new enterprise, which had sought to establish a foothold as a new format of athletics competition.
Despite featuring Olympic and world champions from their respective disciplines, the inaugural event in Jamaica was deemed a disaster. Two more events were held in Miami and Philadelphia before the fourth and final stage was cancelled altogether.
Prize money of up to $100,000 (£75,000) was promised for event winners, while salaries were also offered to athletes under contract with GST. However, it now appears those competitors face a struggle to receive their payments.
Sky Sports discounted Premier League and EFL package
Sky has slashed the price of its Essential TV and Sky Sports bundle ahead of the 2025/26 season, saving members £336 and offering more than 1,400 live matches across the Premier League, EFL and more.
Sky will show at least 215 live Premier League games next season, an increase of up to 100 more.