Michael Johnson’s Grand Slam Track Faces $13M Crisis After Investor Fallout

Michael Johnson’s ambitious new track and field league, Grand Slam Track, is facing a major financial crisis after a key investor backed out of their funding commitment, leaving the startup owing athletes and vendors over $13 million.

Launched in early 2025 with the goal of transforming the economics of elite track competition, Grand Slam Track promised unprecedented prize money across four high-profile meets. Athletes were told they could earn up to $100,000 per event, far surpassing the standard payouts in the sport.

But just months into its debut season, the reality behind the scenes has shifted dramatically.

“A major investor failed to fulfill their full commitment,” Johnson told Front Office Sports. “That put us in a major, major cash flow issue.”

Millions Owed to Athletes

Only appearance fees from the opening event in Kingston, Jamaica have been paid out. Payments for subsequent events in Miami and Philadelphia are still pending, and no compensation was issued for the Los Angeles event, which was ultimately canceled.

In total, Grand Slam Track now owes at least $13 million to athletes, plus an undisclosed amount to vendors and venues. The startup also defaulted on payments to key partners, including approximately $78,000 owed to the Ansin Sports Complex in Florida.

Athletes have voiced their frustration publicly. Sprinter Gabby Thomas and British star Zharnel Hughes are among those still awaiting payments. The company has informed agents that Kingston prize money will be paid by end of July, with all other dues—including from the canceled LA meet—settled by September.

World Athletics Steps In

The growing controversy has caught the attention of World Athletics President Sebastian Coe, who said the organization is “monitoring the situation closely.” In recent interviews, Coe cautioned against “vanity projects” that are heavy on promise but light on execution, adding that athletes and agents have raised formal concerns with the global governing body.

“We have been in discussions with the Association of Athletics Managers,” Coe said, “and we are aware of the growing tension.”

Who Backed Out?

Johnson has so far declined to name the investor who reneged on their funding, but according to sources, the pullout happened days after the Kingston event. The investor allegedly redirected their capital elsewhere due to shifting global financial conditions, including tariff changes.

Can GST Recover?

Despite the turmoil, Johnson says the mission of Grand Slam Track is far from over. A new investor—reportedly Vista Equity’s Robert Smith—joined prior to the Philadelphia event, and Johnson insists the team is working “around the clock” to secure additional capital.

“We’ve got to get this right,” he said. “Our priority is to make sure our athletes and vendors are paid before we even think about next season.”

As of now, all 2025 payments remain outstanding, and the 2026 season hangs in the balance.

posted Thursday July 24th
by Boris Baron