Michael Johnson's ambitious Grand Slam Track athletics league filed for Chapter 11 bankruptcy protection in Delaware on Thursday, bringing a troubled inaugural campaign to a dispiriting conclusion.
The voluntary filing reveals the venture owes between £7.5 million and £37 million to somewhere between 200 and 999 creditors.
Court documents indicate the league possesses assets worth merely £37,000, a stark contrast to the substantial debts accumulated during its crisis-ridden first year.
The four-time Olympic gold medallist launched the competition earlier this year with aspirations of revolutionising track and field through a concentrated format featuring elite head-to-head racing.
Michael Johnson aspired to transform the world of athletics with his scheme
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The league's debut season proved calamitous from the outset, with the opening event in Kingston, Jamaica drawing embarrassingly sparse crowds despite featuring Olympic and world champions.
Subsequent meetings in Miami and Philadelphia failed to generate momentum, with the latter reduced from three days to two.
The Los Angeles finale was scrapped entirely in June amid mounting economic concerns.
Athletes discovered that promised funding had failed to materialise, leaving many with only half their contracted fees and appearance money.
Some suppliers reportedly received nothing whatsoever.
Johnson acknowledged in August that the league could not honour its payment commitments, conceding the 2026 season would be postponed until outstanding debts were settled.
Despite the setbacks, Johnson remains resolute in his determination to press ahead with the venture.
"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," the 58-year-old declared.
The league's chief restructuring officer, Nicholas Rubin, indicated that the bankruptcy process would facilitate ongoing negotiations with prospective investors whilst helping to repair fractured relationships with athletes and commercial partners.
Creditors reportedly rejected an offer that would have seen them recover half of their outstanding invoices submitted before October.
Grand Slam Track has expressed its intention to resume operations for a 2026 season once financial matters are resolved through the court-supervised reorganisation.
Michael Johnson's Grand Slam Track has vowed to continue despite their financial situation
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The league stated the process would enable it to address liabilities transparently whilst strengthening its financial position for future growth.
Several prominent British athletes participated in the troubled inaugural campaign, including middle-distance star Josh Kerr and 400-metre specialist Matthew Hudson-Smith.
American sprint talents Melissa Jefferson-Wooden and Kenny Bednarek also featured among the competitors left awaiting full payment.
The venture, which had promised winners up to £75,000 in prize money, now faces the considerable task of rebuilding trust across the athletics community.