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.
