(Photo credit: Kirby Lee-Imagn Images)

Four-time Olympic gold medalist Michael Johnson remains steadfast that Grand Slam Track, the track startup he founded in 2024, can still succeed despite filing for Chapter 11 bankruptcy on Thursday.

The league paid its athletes roughly half of what they were due in October, then went to its vendors with an offer to bring them up to 50% of what they were owed, but several vendors declined the offer.

'Grand Slam Track was founded to create a professional platform that reflects the talent and dedication of this sport's athletes,' Johnson said in a statement. '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.'

In a press release, Grand Slam said filing for bankruptcy via Chapter 11 will help keep the league intact and 'stabilize its finances, implement a more efficient cost and operating model, and position GST for long-term success.'

Since Johnson launched the startup with $12.6 million in prize money over four planned meets, along with appearance fees and salaries for its athletes, problems have arisen. Three of the events - Kingston, Jamaica, along with Miami and Philadelphia - were held, but the Los Angeles event was canceled.

In July, Johnson told Front Office Sports that an investor, which The Athletic reported to be Chelsea owner Todd Boehly, pulled back an 8-figure signed term sheet. Per The Athletic, the company did not have the more than $30 million it claimed to have in its possession.

After reporting in October that the company's employee list was under 10, Front Office Sports stated that Grand Slam has recently let go of a few more employees.

Grand Slam, per its public bankruptcy filing, has under $50,000 in assets and between $10,000,001 and $50 million in liabilities, along with 200 to 999 creditors. Johnson, Grand Slam president and COO Steve Gera signed the document, which was filed Thursday, along with J. Rudy Freeman, who Front Office Sports reported is an 'independent board representative' for Grand Slam.

--Field Level Media