Grand Slam Track — the ambitious professional track and field league founded by Olympic icon Michael Johnson — filed for Chapter 11 bankruptcy in Delaware on Thursday, revealing up to $50 million in liabilities and only a sliver of assets as it scrambles to salvage its future.

The filing marks a dramatic twist for the upstart league, which debuted its inaugural season in 2025 and had pitched itself as a bold reinvention of global track competition.

A League Built by a Legend Now in Financial Freefall

According to its petition, Grand Slam Track listed between $10 million and $50 million in liabilities and no more than $50,000 in assets, signaling a steep financial cliff.

Johnson — a four-time American Olympic gold medalist known for redefining the sprinting world — launched the league in 2024 with aspirations of staging elite, televised competitions worldwide.

But by Thursday, the league said its focus had shifted to stabilizing finances and restructuring operations under court supervision.

Leadership Calls Bankruptcy a Strategic Reset

Chief Restructuring Officer Nicholas Rubin said Chapter 11 will give the league space to overhaul its structure and negotiate with investors.

“These steps will allow GST to address its outstanding liabilities while continuing constructive discussions with interested investors… The goal is to create a more efficient operating structure and enhance athlete and partner relationships,” Rubin said.

Notably, the debtor did not file a first-day declaration — the typically detailed account of a company’s finances and downfall — leaving many specifics unaddressed.

Lost Funding, Missed Payments, and a Last-Minute Decision

The league said committed financing collapsed earlier this year. After unsuccessful attempts to renegotiate payments with stakeholders, officials turned to bankruptcy to keep the project alive.

Grand Slam Track also disclosed it is finalizing a debtor-in-possession loan, though it gave no details about the size or source of the funding.

Early Hype, Investor Commitments, and a Short Season

When announced in 2024, the league touted $30 million in investor commitments, led by Winners Alliance, a group with experience backing professional tennis, cricket, and basketball ventures.

Grand Slam Track’s initial 2025 season featured events in Kingston, Jamaica; Miami; and Philadelphia, highlighting sprint and hurdle competitions. A planned Los Angeles event was postponed to 2026.

Despite its grand ambitions, the league’s financial footing buckled quickly.

A representative for Grand Slam Track did not immediately respond to requests for comment.

Case Assigned, Lawyers Named

The case is now before U.S. Bankruptcy Judge Karen B. Owens.

Grand Slam Track is represented by Jason D. Angelo of Reed Smith LLP.