Owing more between $10M and $50M, Grand Slam Track files for bankruptcy; Johnson vows to press on

Grand Slam Track, the league fronted by sprint great Michael Johnson that offered six-figure prize money for top runners, has filed for bankruptcy after canceling its final event and failing to pay athletes and vendors.

Johnson boasted a $30 million bankroll at the outset, but in its Chapter 11 filing Thursday in Bankruptcy Court in Delaware, the league said it had less than $50,000 cash on hand, between 200 and 999 creditors and owes between $10 million and $50 million.

It marks the latest chapter in a stunning fall for a league that signed some of the sport’s biggest stars — including world champions Sydney McLaughlin-Levrone, Anna Hall and Melissa Jefferson-Wooden — with a vision of reimagining the sport and keeping it on TV and in the headlines in non-Olympic years.

The Athletic reported in October that many of the top athletes were still owed six-figure sums, while vendors had largely rejected an offer from the league to accept an offer of 50% of what was owed to them or risk the league going into bankruptcy.

In a news release announcing the bankruptcy filing, Johnson said: “I refuse to give up on the mission of Grand Slam Track and the future we are building together.”

The league’s troubles came into sharp focus in June when it canceled its meet in Los Angeles, the last of four scheduled events it set up for its opening season.

In its release, the league said the reorganization will give it “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.”

___

AP sports: https://apnews.com/sports