Defensive filing and early case posture.
By early December 2025, a group of creditors threatened to commence an involuntary bankruptcy proceeding to liquidate the company and recover assets. GST retained Nicholas Rubin as Chief Restructuring Officer on December 4, 2025 and filed its voluntary petition one week later. The First Day Declaration outlined the league's financial position and the circumstances leading to the filing. The first-day hearing on December 23, 2025 approved Stretto as claims agent, authorized PII redaction procedures, and granted Interim DIP Financing.
Winners Alliance DIP financing.
The DIP Financing Motion provides for up to $7.25 million, including a $4.35 million roll-up of prepetition debt and $2.9 million in new money. The 13-week budget projects roughly $3.03 million in total cash requirements.
DIP Facility Structure
| Component | Interim | Final |
|---|
| New Money Loans | $1,100,000 | $2,900,000 |
| Prepetition Debt Roll-Up | $1,100,000 | $4,350,000 |
| Total | $2,200,000 | $7,250,000 |
DIP Terms
| Term | Value |
|---|
| Interest Rate | 14.5% simple (PIK) |
| Default Premium | 6.0% |
| Exit Fee | 2.0% of principal |
| Maturity | April 10, 2026 (120 days) |
| Priority | Senior secured, superpriority |
| Professional Fee Carve-Out | $125,000 post-trigger |
Committee and 341 meeting.
The U.S. Trustee appointed an official committee of unsecured creditors with three members: Momentum-CHP Partnership (the television production venture), Girraphic Park Ltd., and SRK Strategies. Girraphic is a broadcast design and virtual production firm with global operations and major sports clients, and SRK Strategies is a Brooklyn-based boutique communications agency serving media and sports organizations. The initial 341 meeting took place on January 14, 2026 and was continued to a date to be determined. At that meeting, Grand Slam Track reported just $7,300 in cash on hand and discussed exploring a sale of its intellectual property.
Schedules, SOFA, and financial disclosures.
After seeking a 14-day extension, GST filed schedules and the Statement of Financial Affairs under seal on January 22, 2026, with redacted public versions. The redacted SOFA reports gross operating revenue of $1,829,316.99 in 2025 and other income of $10,355.90, plus $284,097.92 in 2025 interest/dividend income (and $26,770.27 in 2024). It also lists $5,322,115.98 in payments to creditors during the 90-day prepetition period and $844,204.73 in insider-related payments within one year.
Selected 90-day payments (SOFA attachment)
The SOFA attachment reflects six athlete payments made on October 3, 2025:
| Payee | Amount |
|---|
| Total Sports Management US | $384,800 |
| Flynn Sports Group Inc./Ray Flynn | $392,005 |
| Global Athletics & Marketing, Inc./Mark Wetmore | $382,750 |
| Astra Partners LTD | $271,250 |
| Ricky Simms / PACE Sports Management SARL | $223,840 |
| Doyle Management Group / Paul Doyle | $207,260 |
Separately, American Express received $172,363.92 in credit card payments (9/29, 10/29, 11/28/2025).
Bankruptcy-related professional payments (SOFA).
The SOFA lists prepetition payments of $330,000 to Force Ten Advisors ($30,000 on 10/21/2025; $50,000 on 11/26/2025; $250,000 on 12/9/2025), $205,000 to Levene, Neale, Bender, Yoo & Golubchik L.L.P. ($10,000 on 10/24/2025; $20,000 on 11/10/2025; $175,000 on 12/9/2025), $80,000 to Reed Smith LLP (12/9/2025), and $25,000 to Stretto (12/9/2025). The SOFA also discloses $63,000 in charitable contributions during 2025 (including $30,000 for Ansin Sports Complex equipment and $30,000 for National Stadium equipment) and states the debtor collects and retains customer names, contact information, and payment data related to ticket and merchandise sales.
Professionals and compensation procedures.
GST retained Force Ten Partners to provide CRO services, with Nicholas Rubin (a Force Ten partner) designated as CRO at a $950 hourly rate. The debtor also retained LNBYG as lead bankruptcy counsel and Reed Smith as co-counsel, and filed a Compensation Procedures Motion establishing interim compensation procedures allowing monthly payments of up to 80% of fees and 100% of expenses, subject to a 20% holdback.
Michael Duane Johnson won four Olympic gold medals and eight World Championship titles across the 200-meter and 400-meter distances. At the 1996 Atlanta Olympics, Johnson became the first man to win both the 200 meters and 400 meters at the same Games. His 200-meter world record of 19.32 seconds at those Games stood until Usain Bolt later broke it. Johnson added a 400-meter world record of 43.18 seconds at the 1999 World Championships in Seville, and by winning the 400 meters again at age 33 at the 2000 Sydney Olympics, he became the oldest gold medalist at any track event shorter than 5,000 meters.
After retiring from competition, Johnson founded Michael Johnson Performance, a sports performance training company based in McKinney, Texas. The firm serves as the official training partner of the Dallas Cowboys, Dallas Stars, and FC Dallas. In mid-2023, Johnson began developing the Grand Slam Track concept with Steve Gera, a former U.S. Marine Corps officer who had previously coached and led innovation programs for the Los Angeles Chargers and Cleveland Browns. The partnership of Johnson and Gera formed the foundation for Grand Slam Track.
Johnson publicly announced his intention to launch Grand Slam Track in February 2024, positioning the league as "the new global home of professional track competition." The detailed reveal came at a June 2024 press conference in Los Angeles, where Johnson unveiled a structure designed to deliver financial rewards to elite track and field athletes. The league secured more than $30 million in financial commitments from investors and strategic partners, with Winners Alliance serving as the lead investor in the first fundraising close.
League Structure and Economic Model.
The Grand Slam Track business model divided athletes into two tiers to create competitive depth while managing costs. Forty-eight "GST Racers" would sign contracts with the league, receiving guaranteed compensation plus performance bonuses. Another 48 "GST Challengers" would be invited to each meet through appearance fees, ensuring elite competition without the fixed costs of full contracts. The league planned four three-day "Slam" events per season, with winners of each event group competing for a $100,000 top prize and cash awarded down to eighth place. The inaugural season's prize pool exceeded $12.6 million.
Star Power: The Athlete Roster.
Grand Slam Track's initial roster included Sydney McLaughlin-Levrone, the world record holder in the 400-meter hurdles, and Josh Kerr, the 1500-meter silver medalist at the Tokyo Olympics and 2023 World Champion. Additional signings in September 2024 brought in Kenny Bednarek, the 200-meter silver medalist from the Tokyo Olympics; Fred Kerley, the 2022 World Champion in the 100 meters; Cole Hocker, who later won the 1500 meters at the 2024 Paris Olympics; Yared Nuguse, the American record holder in the indoor mile; and Gabby Thomas, the 2024 Paris Olympic 200-meter champion.
Key 2024 Athlete Signings
| Athlete | Primary Event | Notable Achievement |
|---|
| Sydney McLaughlin-Levrone | 400m Hurdles | World Record Holder |
| Josh Kerr | 1500m | 2023 World Champion |
| Kenny Bednarek | 200m | 2020 Olympic Silver Medalist |
| Fred Kerley | 100m | 2022 World Champion |
| Cole Hocker | 1500m | 2024 Olympic Gold Medalist |
| Yared Nuguse | 1500m/Mile | American Indoor Mile Record Holder |
| Gabby Thomas | 200m | 2024 Olympic Gold Medalist |
Media Rights Secured.
In February 2025, Grand Slam Track announced media rights partnerships. The CW Network became the exclusive U.S. broadcast home, with Peacock serving as the exclusive streaming platform. The CW would broadcast all Saturday and Sunday events live, while Peacock would stream all action live and provide exclusive coverage of the first day of each event. The production would be handled by Momentum-CHP Partnership, a television production venture that would later become the largest vendor creditor.
Grand Slam Track launched its inaugural season in April 2025 with events scheduled for Kingston (Jamaica), Miami (Florida), Philadelphia (Pennsylvania), and Los Angeles (California). The four-city structure was intended to build momentum across the spring and summer track season, culminating in a Los Angeles finale at UCLA's Drake Stadium. What actually unfolded was a truncated season marked by operational compromises and, ultimately, the cancellation of the final event.
Kingston Slam: The Debut (April 4-6, 2025).
The 2025 Kingston Slam at Jamaica's National Stadium at Independence Park marked Grand Slam Track's competitive debut. A full field of 96 athletes from 20 countries competed across the three-day event, with the $100,000 winner's prizes distributed across event groups. Gabby Thomas won the women's 200 meters in 22.63 seconds, while Kenny Bednarek captured the men's 100 meters in 10.07 seconds. Ticket sales were weak.
Miami and Philadelphia: Improving Attendance, Compressed Schedule.
The Miami Slam at Miramar's Ansin Sports Complex had improved attendance. The Philadelphia Slam at Franklin Field on May 31-June 1, 2025, was condensed. Originally scheduled as a three-day event like its predecessors, the Philadelphia meet was condensed to two days, with the long distance category reduced to a single 3000-meter race offering half the originally promised prize money. At Philadelphia, Melissa Jefferson-Wooden ran a world-leading 10.73 seconds in the women's 100 meters—the tenth-fastest time in history—while Kenny Bednarek recorded a world-leading 9.86 seconds in the men's 100 meters. Grand Slam Track crowned its inaugural season champions: Kenny Bednarek and Melissa Jefferson-Wooden were named the GST Racers of the Year, each having won three consecutive Slam Championships across Kingston, Miami, and Philadelphia.
2025 Grand Slam Track Season Summary
| Event | Dates | Venue | Outcome |
|---|
| Kingston Slam | April 4-6, 2025 | National Stadium, Jamaica | Completed; weak ticket sales |
| Miami Slam | May 2025 | Ansin Sports Complex, Miramar | Completed; improved attendance |
| Philadelphia Slam | May 31 - June 1, 2025 | Franklin Field | Completed; reduced to 2 days |
| Los Angeles Slam | June 28, 2025 | UCLA Drake Stadium | CANCELLED |
Los Angeles Cancellation.
On June 12, 2025, Grand Slam Track announced that the Los Angeles Slam had been cancelled, ending the inaugural season after three events rather than the planned four. The official statement cited the "geopolitical climate of LA" and a "poor lease agreement with UCLA" as reasons for the cancellation, with the league expressing intent to return the event in 2026. Full refunds were issued to ticket holders.
A key investment commitment was withdrawn after the league's launch. In the months following the league's June 2024 launch announcement, PJT Partners contacted more than 150 potential investors on Grand Slam Track's behalf. Over 30 pitch meetings were held between January and March 2025, but investors declined, citing concerns over the "early-stage nature" of the league.
The Boehly Term Sheet.
Todd Boehly, the American businessman who led the consortium that purchased Chelsea Football Club in 2022, signed a preliminary term sheet through his firm Eldridge Industries to invest $40 million in Grand Slam Track. Michael Johnson later described the anticipated investment as significant for the league's trajectory.
In April 2025, Boehly pulled back. His firm cited concerns over poor attendance at early events and broader economic uncertainty stemming from tariff-related trade policy. Johnson acknowledged that the withdrawal caused a "major, major cash flow issue" that altered the league's financial position.
From $30 Million to $143,000.
Grand Slam Track launched with more than $30 million in commitments, with Winners Alliance having already provided approximately $13 million in startup funding in exchange for equity. By December 2025, the league had just $143,000 in cash—and all of that cash was collateral owed to Winners Alliance as a secured creditor. Liabilities totaled approximately $31.4 million:
Debt Structure at Filing
| Creditor Category | Amount |
|---|
| Winners Alliance (Secured) | ~$5.3 million |
| Winners Alliance (Unsecured) | ~$6.1 million |
| Athletes (Unsecured Trade) | ~$7.0 million |
| Vendors/Other (Unsecured Trade) | ~$13.0 million |
| Total Liabilities | ~$31.4 million |
The city of Miramar had not been paid for the rental of the Ansin Sports Complex. Athletes awaited prize money and appearance fees. Momentum-CHP Partnership, which had produced the television broadcasts, was owed over $3 million. The league's creditor count ranged between 200 and 999.
Grand Slam Track's bankruptcy left athletes as unsecured creditors waiting for payment. The creditor list, revealed in December 2025 filings, showed seven of the top 20 creditors were athletes.
Top Athlete Creditors
| Athlete | Amount Owed | Event |
|---|
| Sydney McLaughlin-Levrone | $365,250 | 400m Hurdles |
| Gabby Thomas | $249,375 | 200m |
| Kenny Bednarek | $225,000 | 100m/200m |
| Josh Kerr | $218,750 | 1500m |
| Marileidy Paulino | $211,875 | 400m |
| Alison dos Santos | $190,625 | 400m Hurdles |
| Melissa Jefferson-Wooden | $190,625 | 100m |
The league was founded with the stated goal of improving athlete compensation, but athletes were listed as unsecured creditors in the case. The total athlete debt of approximately $7 million remained unpaid at filing.
The media creditors included Citius Mag, a prominent track and field publication owed $272,915.80. Its founder confirmed receiving no payment to date. Momentum-CHP Partnership, the television production venture, topped all creditors at over $3 million owed.
Industry Context: Professional Track and Field History
Grand Slam Track's bankruptcy filing is not the first attempt to create a professional track and field league.
The ITA Precedent (1972-1976).
The International Track Association launched in 1972 as professional track's first major league venture. Within four years, the league had gone bankrupt. Reported causes included a lack of television revenue, the inability to attract new stars after the 1976 Olympics, and the rule that athletes who participated in ITA events were disqualified from future Olympic competition. Track and field athletes, facing a choice between professional paychecks and Olympic eligibility, largely chose the Olympics.
Current Economics: Diamond League and World Athletics.
The Diamond League is a series of invitation-only meets featuring elite athletes. In 2025, the Diamond League offers a total prize pool of $9.24 million, with individual athletes able to win up to $10,000 at regular meets and up to $30,000 at the Diamond League Final. Including promotional fees, approximately $18 million flows to athletes annually through the Diamond League system. Since 2010, the Diamond League has invested an estimated $270 million in athletes.
World Athletics has announced a record $10 million prize pot for its Ultimate Championship event debuting in September 2026 in Budapest, with ultimate champions receiving $150,000 each—the largest prize in track and field history. These established entities operate within sustainable economic models developed over years of trial and error.
Grand Slam Track's $12.6 million inaugural season prize pool exceeded the Diamond League's $9.24 million annual prize pool.
Alternative Models: Athlos.
Other entrepreneurs have approached the track and field monetization challenge with different strategies. Reddit cofounder Alexis Ohanian launched Athlos, a women's-only track event offering race winners $60,000 from a record $663,000 prize pot. The inaugural Athlos event at New York's Icahn Stadium featured six races with six women per event.
The court conditionally approved the Disclosure Statement on March 14, 2026, overruling objections and authorizing the solicitation of creditor votes. GST filed the Amended Combined Disclosure Statement and chapter 11 Plan of Reorganization on March 23, 2026, reflecting a consensual resolution with the unsecured creditors' committee.
Plan sponsor and new value. Winners Alliance is the plan sponsor and will contribute at least $6 million in new value through a newly formed entity controlled by Michael Johnson or his designee. Michael Johnson (or the DIP lender) will separately pay $500,000 in preference repayment proceeds into the general unsecured claims fund. The plan sponsor receives 100% of the new equity in the reorganized debtor.
Class-by-class treatment.
| Class | Description | Estimated Claims | Recovery | Treatment |
|---|
| 1 | Prepetition Secured Claims (Winners Alliance) | $5,000,000 | Reinstated | Reinstatement in substantially reduced amount via exit financing |
| 2 | Priority Non-Tax Claims | $34,300 | 100% | Paid in full in cash on effective date |
| 3A | Critical Athlete Claims | $7,000,000 | ~70% | Pro rata share of new value contribution if accepting ballot submitted |
| 3B | Critical Vendor Claims | $97,000 | ~70% | Same treatment as Class 3A |
| 3C | General Unsecured Claims | $12,900,000 | 14-16% | Pro rata share of $1,264,550 GUC fund + preference repayment proceeds |
| 3D | Subordinated Claims (insider/SAFE/Winners Alliance) | $9,200,000 | 0% | No distribution; deemed to reject |
| 4 | Equity Interests | — | 0% | Cancelled; no distribution |
The plan offers athletes — the league's most prominent creditor group — an estimated 70% recovery through Class 3A, conditioned on submitting an accepting ballot. Athletes who do not accept are treated as Class 3C general unsecured creditors and would receive an estimated 14-16% recovery. The creditor committee achieved a consensual resolution supporting the plan.
Post-emergence operations. Under the plan, Michael Johnson continues as CEO and Stephen Gera as President of the reorganized debtor. Winners Alliance will fund the reorganized entity through at least December 31, 2026, with estimated costs of approximately $1.4 million, to maintain operations and pursue fundraising for a potential 2026 season. Nicholas Rubin is designated as Plan Administrator, responsible for controlling cash, implementing distributions, and resolving claims.
Key plan dates.
| Date | Milestone |
|---|
| March 14, 2026 | Disclosure Statement conditionally approved |
| March 23, 2026 | Amended Plan filed |
| April 9, 2026 | Claims objection deadline |
| April 16, 2026 | Confirmation hearing |
The monthly operating report for February 2026 showed a net operating loss of $211,615, underscoring the debtor's dependence on DIP financing and plan sponsor funding to sustain operations through emergence.
| Date | Event |
|---|
| Mid-2023 | Michael Johnson and Steve Gera begin developing Grand Slam Track concept |
| February 2024 | Johnson publicly announces Grand Slam Track |
| June 2024 | League details revealed at LA press conference; first athlete signings |
| September 2024 | Additional star signings (Bednarek, Kerley, Hocker, Nuguse) |
| November 2024 | Four host cities announced: Kingston, Los Angeles, Miami, Philadelphia |
| January-March 2025 | PJT Partners contacts 150+ potential investors; all decline |
| February 2025 | CW Network/Peacock media rights partnerships announced |
| April 2025 | Todd Boehly/Eldridge Industries withdraws $40 million investment commitment |
| April 4-6, 2025 | Kingston Slam (inaugural event); weak ticket sales |
| May 2025 | Miami Slam completed with improved attendance |
| May 31 - June 1, 2025 | Philadelphia Slam (condensed to 2 days from 3) |
| June 12, 2025 | Los Angeles Slam cancelled |
| December 4, 2025 | Nicholas Rubin appointed Chief Restructuring Officer |
| December 2025 | Creditors threaten involuntary bankruptcy |
| December 11, 2025 | GST, Inc. files voluntary chapter 11 petition |
| December 15, 2025 | Amended chapter 11 petition filed |
| December 23, 2025 | First Day Hearing; Interim DIP ($2.2 million) approved |
| January 13, 2026 | Official committee of unsecured creditors appointed |
| January 14, 2026 | 341 meeting held and continued (date TBD) |
| January 22, 2026 | Redacted schedules and SOFA filed |
| January 30, 2026 |
What is Grand Slam Track?
Grand Slam Track was a professional track and field league founded by four-time Olympic champion Michael Johnson in 2023. The league signed elite athletes to contracts and offered a prize pool exceeding $12.6 million across multi-day "Slam" events, positioning itself as "the new global home of professional track competition."
Why did Grand Slam Track file for bankruptcy?
The league filed after key investor Todd Boehly and Eldridge Industries withdrew a $40 million investment commitment in April 2025, citing poor attendance and economic uncertainty. Grand Slam Track completed only three of four scheduled events and faced $31.4 million in liabilities against just $143,000 in cash when creditors threatened involuntary bankruptcy.
How much money is owed to athletes?
Athletes are owed approximately $7 million in unpaid prize money and appearance fees. Sydney McLaughlin-Levrone is owed $365,250 (the most among athletes), followed by Gabby Thomas ($249,375), Kenny Bednarek ($225,000), Josh Kerr ($218,750), and Marileidy Paulino ($211,875).
Who is Winners Alliance and what is their role?
Winners Alliance was the lead investor that provided approximately $13 million in initial funding and now serves as the DIP lender providing up to $7.25 million in bankruptcy financing. They hold approximately $5.3 million in secured debt plus $6.1 million unsecured, effectively controlling the restructuring process through their creditor position.
What do the schedules and SOFA reveal about operations?
The redacted SOFA reports $1,829,316.99 in 2025 operating revenue, $10,355.90 in other income, and $284,097.92 in interest/dividend income, along with $5,322,115.98 in 90-day payments to creditors and $844,204.73 in insider-related payments within one year. The filing also discloses prepetition payments to restructuring professionals and confirms the company collects customer PII for ticketing and merchandise sales.
Will Grand Slam Track have a 2026 season?
The Amended Plan filed March 23, 2026 contemplates continued operations. Under the plan, Winners Alliance will fund the reorganized entity through at least December 31, 2026 (estimated $1.4 million) to maintain operations and pursue fundraising. Michael Johnson continues as CEO and Steve Gera as President. The confirmation hearing is set for April 16, 2026. Whether a full 2026 season materializes depends on plan confirmation and the success of post-emergence fundraising efforts.
Why was the Los Angeles event cancelled?
The Los Angeles Slam, scheduled for June 28, 2025 at UCLA's Drake Stadium, was cancelled on June 12, 2025. The league cited the "geopolitical climate of LA" and a "poor lease agreement with UCLA" as reasons, though the abrupt cancellation amid apparent cash flow difficulties suggested deeper financial problems.
Who were the inaugural Grand Slam Track champions?
Kenny Bednarek and Melissa Jefferson-Wooden were named the inaugural GST Racers of the Year, each winning three consecutive Slam Championships across the Kingston, Miami, and Philadelphia events.
How much did Grand Slam Track raise before launching?
The league secured more than $30 million in financial commitments from investors and strategic partners, with Winners Alliance serving as the lead investor. Winners Alliance had already provided $13 million in startup funding in 2024 in exchange for preferred equity and SAFE instruments.
What is the DIP financing interest rate?
The Winners Alliance DIP facility carries a 14.5% simple interest rate (paid-in-kind), with a 6.0% default premium and a 2.0% exit fee on principal. The facility matures April 10, 2026, and the financing terms allow it to be converted into equity.
Have professional track and field leagues succeeded before?
No. The International Track Association operated from 1972 to 1976 but went bankrupt due to lack of television revenue and Olympic eligibility conflicts.
Who is the claims agent for this case?
Stretto serves as the court-approved claims and noticing agent, providing the bankruptcy administration platform for GST's chapter 11 case.
For more bankruptcy case analyses, visit the ElevenFlo bankruptcy blog.
