Grand Slam Track: Michael Johnson's League Files Chapter 11 After First Season

Michael Johnson's plan to launch a professional track and field league ended in a chapter 11 filing less than one year after Grand Slam Track's inaugural event. GST, Inc., the Delaware entity operating the league founded by the four-time Olympic champion, filed for bankruptcy protection in Delaware on December 11, 2025, disclosing approximately $31.4 million in liabilities against just $143,000 in cash. The league completed only three of four scheduled events, leaving athletes owed roughly $7 million in unpaid prize money and appearance fees. Winners Alliance is providing $7.25 million in DIP financing and is the primary secured creditor.

Debtor(s)	GST, Inc. (d/b/a Grand Slam Track, Inc.)
Court	U.S. Bankruptcy Court, District of Delaware
Case Number	25-12188
Petition Date	December 11, 2025
Judge	Hon. Karen B. Owens
Total Liabilities	~$31.4 million
Cash at Filing	~$143,000
Athletes Owed	~$7 million
Vendors Owed	~$13 million
DIP Facility	Up to $7.25 million (lender: Winners Alliance, Inc.; maturity: April 10, 2026)
Plan Filing Deadline	January 30, 2026

Michael Johnson: Founder Background

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.

Building the League: Funding and Structure (2023-2024)

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

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.

The Inaugural 2025 Season: Events and Outcomes

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

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.

Investment Withdrawal: Boehly's Exit

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

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.

Athlete Payment Status

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

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.

Chapter 11 Filing and DIP Financing

Preempting Involuntary Action

By early December 2025, a group of creditors threatened to commence an involuntary bankruptcy proceeding to liquidate the company and recover assets. On December 4, 2025, the company retained Nicholas Rubin as Chief Restructuring Officer. One week later, on December 11, 2025, GST, Inc. filed a voluntary chapter 11 petition in the District of Delaware.

The petition disclosed less than $50,000 in assets (later updated to $143,000 in cash, all of it pledged to Winners Alliance) against $10 million to $50 million in liabilities. An amended petition followed on December 15, 2025.

First Day Relief

The First Day Hearing on December 23, 2025 resulted in approval of essential operational authorities:

Winners Alliance DIP Financing

The DIP facility provides up to $7.25 million in total financing, structured as follows:

DIP Facility Structure

DIP Terms

The roll-up of $4.35 million in prepetition debt converts existing unsecured claims into superpriority secured claims, giving Winners Alliance priority over unsecured creditors.

The DIP facility can be converted into equity at maturity on April 15, 2026. Winners Alliance already holds $7 million in preferred equity plus $6 million in SAFE (Simple Agreement for Future Equity) instruments.

Reorganization Plan Requirements

The DIP facility includes requirements that Michael Johnson and COO Steve Gera remain in leadership as conditions of the financing. GST, Inc. must file a reorganization plan by January 30, 2026. The 13-week budget projects total cash requirements of approximately $3.03 million.

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.

Professional Retentions

Key Timeline

Frequently Asked Questions

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.

Will Grand Slam Track have a 2026 season? The league has expressed intent to return for a 2026 season, and DIP financing terms require Michael Johnson and COO Steve Gera to remain in leadership. However, the reorganization plan filing deadline is January 30, 2026, and Winners Alliance can convert its DIP loan to equity by April 10, 2026, potentially altering control of any reorganized entity.

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, at which point it can 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.

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