Michael Johnson refuses to give up on Grand Slam Track despite bankruptcy
Michael Johnson insists he won’t give up on Grand Slam Track despite filing for bankruptcy after creditors who are owed millions of dollars rejected an offer of 50 per cent payment.
Big-name athletes who took part in the series, such as Britain’s Zharnel Hughes and Matt Hudson-Smith, have been paid only half of their contracted appearance and prize money.
Grand Slam Track cancelled the fourth and final leg of its debut season earlier this year after the competition, conceived by US track great Johnson, attracted only modest crowds.
“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,” he said.
Grand Slam Track filed for bankruptcy this week, citing liabilities of between $10m and $50m to hundreds of creditors.
It said in a statement that the move would allow it to “reposition the league” with a view to holding more events next year.
Grand Slam Track eyes ‘success and growth’
“The bankruptcy process will allow us to address outstanding liabilities in an orderly and transparent manner and strengthen our financial condition, positioning us to move forward with stability and the ability to pursue success and growth in the future,” it added.
Grand Slam Track launched this year with a host of star names from athletics, including Sydney McLaughlin-Levrone, Gabby Thomas and Alison dos Santos.
However, it drew criticism for excluding field events and staging all of its events in the US and Caribbean, overlooking the sport’s long-standing popularity in Europe.
Pole vault star Mondo Duplantis took a swipe at Grand Slam Track last week when he was named athlete of the year by World Athletics.
“There was another tour that tried to exclude field events,” he said. “That didn’t didn’t go so well, did it? I am very proud to represent field eventers.”