Grand Slam Track, the professional track league founded by Olympic legend Michael Johnson, has filed for Chapter 11 bankruptcy after running out of money to pay its debts to athletes and vendors.

Here’s what else you need to know:

– At launch, Grand Slam boasted $30M in funding, headlined by Winners Alliance, which is chaired by billionaire Bill Ackman. A report from The Athletic later revealed that Grand Slam never had $30M in its coffers, despite marketing itself as fully funded.

– Grand Slam hosted three meets in spring 2025, but abruptly canceled its fourth and final event in Los Angeles. Initially, the league denied financial troubles. However, league founder and commissioner Michael Johnson later admitted that the sudden exit of a key investor in April 2025 caused a “major, major cash flow issue.” The Athletic later revealed the key investor was Todd Boehly, Chelsea FC owner, who walked away from a signed $40M term sheet.

– As of October, athletes received only half of their promised earnings.

– Grand Slam secured up to eight figures in emergency funding this fall. In October, it distributed $5.5M to athletes (half of what they were owed) and attempted to negotiate debts with vendors. There is still an estimated $19M debt owed including athlete prize money and operational costs.

– According to the filing, the league estimates it has less than $50,000 in assets, but $10M–$50M in liabilities. It owes money to between 200 and 999 creditors.

– In October and November, Grand Slam Track offered a 50% cash settlement to all unsecured vendors and creditors for invoices through October 30, 2025, due to a major investor pulling out unexpectedly. Some vendors rejected the partial repayment offer. Grand Slam was unable to finalize a complete settlement

– Johnson has stated that no 2026 season will occur unless all outstanding payments are made.

What’s next:

The league issued the following statement via Chief Restructuring Officer Nicholas Rubin: "These steps will allow GST to address its outstanding liabilities while continuing constructive discussions with interested investors. Ultimately, the goal of the reorganization is to create a more efficient operating structure, enhance athlete and partner relationships, and provide the League with a platform for future success."

Michael Johnson’s statement: "Grand Slam Track was founded to create a professional platform that reflects the talent and dedication of this sport's athletes. While GST has faced significant challenges that have caused frustrations for many – myself included – I refuse to give up on the mission of Grand Slam Track and the future we are building together."