The bankrupt Grand Slam Track has laid out a plan for its return, which would see athletes paid up to 85 per cent of the remaining $7million they are owed.
Vendors who provided services to the business would receive just 1.5 per cent of the $12.9m they are owed.
In December, the track league — which it was claimed would revolutionize the sport and see athletes treated as “true professionals” — filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. GST recently submitted a more extensive record of its assets and liabilities, which revealed total debts of $40.68m compared to $831,385 in assets. It also recorded that over $640,000 has been incurred so far in costs related to the bankruptcy and restructuring to law firms, consultants and agencies.
The 2025 debut season was cut short before the fourth and final meet in Los Angeles due to a shortage of cash and investment. At this stage, only 50 per cent of all money owed to athletes has been paid.
However, the bankruptcy plan filed on Monday in the United States Bankruptcy Court for the District of Delaware is the clearest sign yet that GST is seeking to prioritize its relationship with athletes and facilitate a possible path forward for the project.
More than 150 athletes remain owed largely five and six-figure sums. Olympians such as Sydney McLaughlin-Levrone are owed $268,750, while Kenny Bednarek is owed $195,000 and Gabby Thomas $185,625.
The plan would be contingent on a new ownership, described in the filing as “the Plan Sponsor”, investing just over $6m into GST to cover the costs involved. It also says that Winners Alliance will provide all or part of the exit financing for the Plan Sponsor. Winners Alliance, whose board is chaired by billionaire Bill Ackman, describes itself as “a for-profit affiliate of the Professional Tennis Players’ Association”, an organization co-founded by 24-time Grand Slam champion Novak Djokovic.
However, the proposed plan would cut millions from vendors who are collectively owed $13m. This includes more than $3m owed to the Momentum-CHP Partnership for the television production of the league, while the construction firm PMY Ets Usa Inc. says it is owed $1.2m, and the graphics company Girraphic, based in the UK, is owed more than $690,000. More than $31,000 remains owed to the U.S. Anti-Doping Agency and $25,000 to World Athletics.
All creditors are allowed to vote on the plan but should an athlete vote against it, they are then moved into the group entitled to only 1.5 per cent of recovery. Objections may be filed until April 9.
The offer made to athletes in this plan does not guarantee that GST can or will return.
Last month, the Association of Athletics Managers (AAM) warned Michael Johnson’s Grand Slam Track league that it must fully reimburse all athletes and vendors if it wishes to return for another season.
The organization, which represents over 80 per cent of athletes who won medals at the 2024 Olympic Games and 2025 World Championships, said that it was told in a recent meeting that GST were planning for 2026 events. To do so without settling the 2025 debts, AAM said, “undermines trust across the entire ecosystem and sets a dangerous precedent for athletes, vendors, and future partners alike.”
World Athletics, who would need to provide a license for any future event, have echoed this view. They said earlier in February: “It is unconscionable that efforts would be made for Grand Slam Track to restart in 2026 without the settlement of outstanding financial obligations to athletes, vendors and service providers. It is paramount that athletes who competed in good faith and vendors and service providers are treated fairly and paid.”