Grand Slam Track has filed for Chapter 11 bankruptcy in the U.S. The company wants to reorganize. But whoiin their right mind will race GST events after the 2025 debacle?
During the summer, Grand Slam Track still owed approximately $13 million to athletes who competed in events during the spring.
Only the appearance fees for the initial meeting in Kingston, Jamaica, which took place from April 4 to 6, had been paid.
That leaves the prize money for all of the startup league’s events and appearance fees for competitions in Miami (May 2-4) and Philadelphia (May 31-June 1) still unpaid.
Court documents reveal estimated liabilities lie between $10 million and $50 million, with a creditor list numbering between 200 and 999.
GST announced a comprehensive reorganization to “position the league for sustainable long-term growth.” To facilitate the reorganization, GST has filed a voluntary petition for Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware (the “Court”).
Now, if the league comes back, few to no stars will be willing to invest their time, training and focus on this league. Back to the Diamond League and other meets to compete and make standards and prize money.
Media release
GST intends to utilize the Chapter 11 process to stabilize its finances, implement a more efficient cost and operating model, and position GST for long-term success. Earlier this year, after committed financing fell through, GST undertook extensive efforts, in consultation with its advisors, to address its liquidity challenges and sought to negotiate payment arrangements that would provide a meaningful recovery to stakeholders. However, a court-supervised reorganization was deemed the most prudent path forward as these efforts continue.
With a rightsized financial profile, the League will have the ability to return for future seasons and pursue new initiatives – including through the expansion of participatory events, enhanced media offerings, and deeper connections with the global running community – ultimately with the goal of executing on its vision of transforming track into a unified, globally commercialized sport.
Michael Johnson, Founder of Grand Slam Track, said: “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.”
Nicholas Rubin, Chief Restructuring Officer, said: “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.”
GST is actively finalizing debtor-in-possession financing as part of the reorganization process.
Information about GST’s Chapter 11 proceeding can be found at https://cases.stretto.com/GrandSlamTrack. Vendors with questions can also call GST’s claims agent, Stretto, at (855) 511-0844 (toll-free) or +1 (626) 544-1812 (international) or email GSTInquiries@stretto.com.
Levene, Neale, Bender, Yoo & Golubchik L.L.P. is serving as legal counsel to GST, and Force Ten Partners LLC is serving as restructuring advisor. Kekst CNC is serving as strategic communications advisor to GST.
About Grand Slam Track™
Grand Slam Track™ is the global home of elite track competition, founded by four-time Olympic champion Michael Johnson. The league is redefining the landscape of track with a focus on head-to-head competition between the fastest humans on the planet: fostering rivalries, celebrating racing, and putting fans first. The inaugural Grand Slam Track™ season in 2025 saw Slams take place in Kingston, Jamaica; Miami; and Philadelphia. For more information, visit grandslamtrack.com.
