"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 owed 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 to accept 50% of what was owed to them or risk the league going into bankruptcy."
Grand Slam Track filed for Chapter 11 bankruptcy in Delaware after canceling its last scheduled meet and failing to pay athletes and vendors. The league reported under $50,000 in cash, 200–999 creditors, and liabilities between $10 million and $50 million, despite an initially claimed $30 million bankroll. The organization had signed prominent athletes, offered six-figure prize money, and sought to keep the sport visible in non-Olympic years. Many top athletes remained owed six-figure sums, and vendors largely rejected a proposal to accept half of amounts owed. Reorganization aims include returning for future seasons and expanding participatory events and media offerings.
Read at ESPN.com
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