Olympic legend Michael Johnson says he will not give up on the Grand Slam Track (GST) project, even though the athletics competition has voluntarily filed for bankruptcy in the US after months of financial trouble.
The last event of GST’s first season was cancelled in June because of money problems.
GST explained that the league, which offered big prize money, was hit hard when promised investment was withdrawnearlier this year.
Organisers said they looked at every other option but are now entering a court-supervised reorganisation.
In a statement, GST said it will use the Chapter 11 bankruptcy process to steady its finances, cut costs, and create a better long-term structure. They added that once the financing deal collapsed earlier in the year, they tried multiple ways — with advisors — to deal with liquidity challenges and work out payment plans that would help stakeholders. But they eventually decided that Chapter 11 was the safest and most practical path.
Chapter 11 lets a company restructure its debts and keep operating.
Back in August, Johnson said he still believed GST had been successful, even though things changed in ways “beyond our control.”
On Thursday he repeated that, despite the major challenges that frustrated many people — including himself — he refuses to give up on GST or its future.
GST featured several big-name athletes, including British Olympic sprinters Daryll Neita and Matthew Hudson-Smith, plus 1500m world champion Josh Kerr.
Both male and female athletes were split into six categories, each with eight competitors. Categories like Short Sprintsincluded athletes who raced the 100m and 200m every weekend.
The competition offered major financial incentives, including up to $100,000 (£73,600) for category winners, plus salaries for contracted athletes.
Organisers say the bankruptcy decision is not abandoning their long-term vision, and they still believe GST has a future.
