Full Breakdown
Grand Slam Track Files for Bankruptcy, Owing Millions to Athletes
12/16/2025, 11:35:35 PM
Overview of the Bankruptcy Filing
Grand Slam Track (GST), a professional track and field league founded by Olympic champion Michael Johnson, filed for Chapter 11 bankruptcy on December 11, 2023, in Delaware. The league's financial troubles have led to the cancellation of its final event scheduled for June 2025 in Los Angeles, primarily due to cash flow issues and disappointing attendance at earlier events in Kingston, Jamaica, and Miami. GST's bankruptcy filing aims to restructure its debts while continuing operations under court supervision.
Financial Obligations to Athletes
Among the top creditors listed in the bankruptcy filing are several high-profile athletes, including Sydney McLaughlin-Levrone, who is owed $365,250, making her the fifth-largest creditor. Other notable athletes include Gabby Thomas, owed $249,375; Kenny Bednarek, owed $225,000; and Josh Kerr, owed $218,750. The total amount owed to the top 20 creditors is approximately $9.45 million, with reports suggesting that the overall debt could be closer to $20 million. GST has acknowledged that it owes money to more than 200 creditors.
Background on Grand Slam Track
Grand Slam Track was established in June 2024, aiming to provide a professional platform for track athletes through a series of events with salaries and appearance fees. The league initially claimed to have secured $30 million in funding, but it quickly encountered financial difficulties, leading to the inability to pay athletes and vendors. In October, GST distributed $5.5 million to athletes, covering about half of what was owed, but substantial debts remained.
Official Statements & Responses
In a statement regarding the bankruptcy, GST emphasized that the filing represents "the clearest path to protect the league’s mission." The league expressed its commitment to restructuring and returning for future seasons, stating, “With a rightsized financial profile, the League will have the ability to return for future seasons and pursue new initiatives.” Michael Johnson, the league's founder, reiterated his dedication to the league's mission, stating, “I refuse to give up on the mission of Grand Slam Track and the future we are building together.”
Criticism & Opposition
Despite GST's optimistic outlook, the abrupt cancellation of events and the significant amounts owed to athletes have drawn criticism. Many athletes have expressed frustration over the financial mismanagement that led to the league's current predicament. The lack of transparency regarding the league's financial status has also raised concerns among stakeholders.
Verbatim Quotes
- “GST can still be that league,” — Grand Slam Track Statement
- “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.” — Michael Johnson, Founder of Grand Slam Track
Conflicting Reports & Gaps
There are discrepancies regarding the total debt amount, with some reports suggesting it could be closer to $20 million, while GST's filings indicate a range of $10 million to $50 million owed. The exact financial situation remains unclear as the league navigates its bankruptcy proceedings.
As Grand Slam Track seeks to restructure, the future of the league and its ability to fulfill its financial obligations to athletes remains uncertain.
