US EditionJohnson's Grand Slam Track Files for Bankruptcy, Vows to Return
Grand Slam Track revealed up to $50 million in liabilities and canceled events after a troubled debut season, aiming to return once financial obligations are resolved, officials said.
- Michael Johnson's Grand Slam Track filed for Chapter 11 in Delaware on Thursday to address up to $50 million in liabilities, the league said.
- After a troubled debut, Grand Slam Track had to cancel the Los Angeles final, shorten Philadelphia's event from three to two days, and struggled to pay competitors as funding fell through.
- Financial filings show up to $50,000,000 in liabilities and a sliver of assets as GST finalises debtor-in-possession financing after offering unusually high prize money to attract top athletes.
- GST said the court-supervised Chapter 11 process will stabilise operations, reduce costs and address liabilities, and the league said it intends to return once obligations are resolved with Johnson insisting he has not abandoned the project.
- Earlier this year, Michael Johnson launched Grand Slam Track to transform athletics with frequent head-to-head races, while Nicholas Rubin, chief restructuring officer, said the filing aids talks with investors, athletes and partners.
66 Articles
66 Articles
Michael Johnson's Track Start-Up Declares Bankruptcy
The promise of Grand Slam Track was alluring. Track athletes have long struggled to make money; the quadrennial cycle of the Olympics brings attention to the sport in erratic bursts that are difficult to sustain between Summer Games. After the Paris Olympics, several track start-ups sought to allay the unsteadiness, most notably Michael Johnson's Grand Slam Track: The four-time Olympic gold medalist boasted that GST had secured over $30 million …
Michael Johnson's Grand Slam Track files for bankruptcy as astonishing losses come to light
Michael Johnson's ambitious Grand Slam Track athletics league filed for Chapter 11 bankruptcy protection in Delaware on Thursday, bringing a troubled inaugural campaign to a dispiriting conclusion
Grand Slam Track, launched by Olympic champion Johnson, files for bankruptcy
Grand Slam Track (GST), the start-up track and field league launched by former Olympic champion Michael Johnson, has filed for Chapter 11 bankruptcy protection in Delaware as it seeks to stabilise its finances after a turbulent inaugural season.
The Grand Slam Track track circuit came under Chapter 11 of the US Bankruptcy Act on Thursday to restructure itself.
Coverage Details
Bias Distribution
- 41% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
