Sports
Grand Slam Track files for bankruptcy
GST founder Michael Johnson says he “refuses to give up on the mission of Grand Slam Track and the future we are building together”.
Grand Slam Track, the pro track league which promised to revolutionise the sport, has filed for bankruptcy in the United States.
This follows a disastrous opening season where the fourth and final event of 2025 – in Los Angeles in June – was cancelled following cash flow problems and poor crowds at the first three events.
Johnson, 58, said: “Grand Slam Track was founded to create a professional platform that reflects the talent and dedication of this sport’s athletes. 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.”
Grand Slam originally claimed it had $30 million in funding, but the league soon got into financial trouble and found itself unable to pay athletes and vendors.
In October, it distributed $5.5 million to athletes – about half what they were owed – but there remained large sums owed.
In a statement on Thursday (Dec 11), Grand Slam Track announced “a comprehensive reorganisation to position the league for sustainable long-term growth.
“To facilitate the reorganisation, GST has filed a voluntary petition for Chapter 11 in the US Bankruptcy Court for the District of Delaware. 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.”
GST added: “Earlier this year after committed financing fell through, GST undertook extensive efforts, in consultation with its advisors, to address its liquidity challenges and sought to negotiate payment arrangements that would provide a meaningful recovery to stakeholders. However, a court-supervised reorganisation was deemed the most prudent path forward as these efforts continue.
“With a rightsized financial profile, the League will have the ability to return for future seasons and pursue new initiatives – including through the expansion of participatory events, enhanced media offerings, and deeper connections with the global running community – ultimately with the goal of executing on its vision of transforming track into a unified, globally commercialised sport.”
READ MORE: GST – where did it all go wrong?
Nicholas Rubin, chief restructuring officer, said: “These steps will allow GST to address its outstanding liabilities while continuing constructive discussions with interested investors. Ultimately, the goal of the reorganisation is to create a more efficient operating structure, enhance athlete and partner relationships, and provide the League with a platform for future success.”
Ironically, it is nearly 30 years since Johnson himself boycotted competitive events in the UK following the bankruptcy of the British Athletic Federation and its inability to pay him for racing in London in 1997.
