World Athletics president Lord Coe has said the athletics calendar needs stricter control after Michael Johnson’s Grand Slam Track (GST) series went bankrupt.
The competition, launched by sprinting legend Johnson, ran into serious financial trouble this year and now owes millions of pounds to creditors, including top athletes. Johnson has said he still believes in the project, despite its collapse.
Coe said World Athletics is responsible for organising the global calendar and must make sure any new events are financially sound before being allowed in. He explained that while innovation is welcome, new competitions must prove they are realistic, well-funded and sustainable.
GST organisers say the series suffered after promised investment was pulled earlier this year. They are now using the US Chapter 11 bankruptcy process, which allows companies to restructure debts and try to stay in business.
GST held events in Jamaica, Miami and Philadelphia, but low crowds and cashflow problems led to the cancellation of a planned Los Angeles meet. Court documents show several star athletes are owed large sums, including Josh Kerr, Sydney McLaughlin-Levrone and Gabby Thomas.
Coe stressed that athletes must be protected from poorly planned events. He said any new competition must have strong financial backing and clear contingency plans to avoid putting athletes at risk.
World Athletics’ own new event, the Ultimate Championships, will debut in Budapest next year with a prize fund of more than £7.4m, with winners earning over £111,000 each.
