Grand Slam Track Financial Collapse Risk
- The newly formed Grand Slam Track League (GST),co-founded by Olympic legend Michael Johnson,is on the brink of collapse due to mounting debts adn a failed attempt to secure...
- GST recently had a US$39,629 offer for licensing rights rejected, as reported by the Times.
- The total debt is reportedly in excess of US$10 million, owed to both athletes and vendors.
Grand Slam Track League Faces Collapse Amidst financial Troubles
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The newly formed Grand Slam Track League (GST),co-founded by Olympic legend Michael Johnson,is on the brink of collapse due to mounting debts adn a failed attempt to secure crucial licensing rights. The league, which completed a shortened inaugural season in 2024, owes significant sums to athletes and vendors.
Last updated: November 29, 2023, 20:03:51 PST
Financial Crisis and Licensing Rejection
GST recently had a US$39,629 offer for licensing rights rejected, as reported by the Times. Athletics’ governing body reportedly demanded that GST prioritize settling all outstanding debts to its athletes, with some athletes owed as much as 50% of their earned prize money and appearance fees.
The total debt is reportedly in excess of US$10 million, owed to both athletes and vendors.
Emergency Funding and Unfulfilled Promises
In October 2023, GST expressed confidence in returning for a second season in 2026. That month, the league secured emergency funding intended to cover up to half of the prize money owed to athletes. However, The Times reports that athletes have yet to receive further updates regarding these payments.
Athlete Support and Potential Collapse
Despite the financial uncertainty, some athlete agents are reportedly willing to forgo further payments to keep GST afloat. This suggests a belief in the league’s long-term potential, even amidst the current crisis. Though, the league’s future remains highly uncertain.