Revealed: Michael Johnson Loaned Millions to Keep Grand Slam Track Afloat Before Bankruptcy

New court documents show that the troubled track league, founded by Olympic champion Michael Johnson, borrowed millions from its founder to stay afloat before its eventual collapse.

The bankrupt running league Grand Slam Track has disclosed in new court filings that its debts have ballooned to $40 million, a stark contrast to the less than $2 million in revenue it generated during its inaugural three-meet season last year.

These latest documents provide the most detailed financial overview of the league to date, revealing that its liabilities are approximately $10 million higher than previously acknowledged.

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The filings were submitted in Delaware Bankruptcy Court last week, a month after the league, founded by Olympic legend Michael Johnson, sought Chapter 11 protection. This move came after Grand Slam failed to pay athletes and vendors from its debut season.

By filing for Chapter 11 instead of Chapter 7 liquidation, the league has left the door open for a potential comeback. A comprehensive 200-page document lists every creditor and the amount owed, bringing the league's total debt closer to $41 million, up from the previously reported $31 million. In stark contrast, the league claims to possess less than $1 million in assets.

Another filing revealed that the league generated only $1.8 million in revenue last year. While first-year profitability is rare for startup leagues, this figure highlights Grand Slam's significant challenges in securing major sponsors and media rights deals.

The league's decision to forgo sponsorships from shoe companies and to self-fund its broadcast production further strained its finances.

While Grand Slam's three-day event model did attract thousands of ticket buyers in Miami and Philadelphia, the Kingston meet was so poorly attended that tickets were eventually given away for free.

Currently, Grand Slam is surviving on debtor-in-possession (DIP) financing, a high-interest loan granted after a bankruptcy filing to provide short-term cash flow.

The lender is Winners Alliance, the for-profit arm of the Professional Tennis Players Association, chaired by billionaire Bill Ackman. Winners Alliance has been a key financial backer for the league, leading its initial funding round and organising an emergency lifeline last fall.

Filings also show that a few athletes, including Cole Hocker, Alison Dos Santos, Josh Kerr, and Masai Russell, remain under multiyear "League Racer Services Agreements."

Winners Alliance is the most significant creditor, with total claims exceeding $17 million, representing roughly 40% of the league's total liabilities.

The firm's claims are broken down into three parts: a $6 million "SAFE Investment" from April 2024, approximately $608,000 in "trade payable" from July 2024, and over $5.5 million related to emergency financing provided on October 2, 2025.

Other notable SAFE investors listed in the filings include Robert Smith’s HLS Holdings ($1 million), Albert P. Lee’s APL Ventures ($300,000), MoviePass founder Hamet Watt’s Share Ventures ($250,000), and entrepreneur Vivek Padmanabhan ($250,000).

The filings provide the clearest picture yet of the financial commitment made by four-time Olympic gold medalist and league founder, Michael Johnson.

Records show he invested over $2.7 million of his own money into the venture. While Grand Slam repaid $500,000 of his loan, the league still owes him more than $2.2 million.

In a statement to Front Office Sports, a league spokesperson highlighted the personal sacrifices made by its founders. "The filing clearly reflects the commitment of our dedicated founders making personal sacrifices to keep the business operating amidst significant financial pressure," the spokesperson said.

"Despite the current situation, Grand Slam Track’s founders continue to work every day... because they believe in what the league can do for the sport of track."

In addition to the loan, Grand Slam owes Michael Johnson over $17,000 in priority unpaid wages, around $206,000 in nonpriority unpaid wages, and nearly $27,000 for travel reimbursements, bringing the total amount owed to him to almost $2.5 million.

This confirms a statement from Johnson's spokesperson last September, who refuted rumours of Johnson profiting from the league by stating he had "put over $2 million of his own money into the project."

The documents also detail Johnson's salary history. He received bi-monthly paychecks of around $11,600 in December 2024, and payments between $10,300 and $10,700 from January to March 2025.

He then went months without taking a salary until late August, after which he received smaller bi-monthly payments of about $3,100 through November, just before the bankruptcy filing.

COO Carl Lewis Gera is also listed with significant unpaid wages, split between $17,150 in priority claims and over $172,000 in nonpriority claims.