Struggling to revamp the athletic program, now finds itself in debt, owing millions to athletes.
Grand Slam Track, a new track and field league launched in 2024 with a promise of unprecedented prize money, is struggling to meet its financial obligations. The league, founded by Olympic legend Michael Johnson, has failed to pay many of its athletes and vendors, owing approximately $13 million in unpaid prize money and appearance fees.
The league secured $30 million in funding in 2024, but a key investor withdrew after making an initial eight-figure commitment, leading to a severe funding shortfall. This withdrawal left Grand Slam unable to receive the promised funds, forcing it into a financial crisis.
The league had promised payments never before seen in track and field, with the biggest winners at each meet set to receive $100,000 per meet, five times the first-place earnings on track's other global circuit. However, as of Friday's announcement, Grand Slam had only paid athletes for appearance fees from the Jamaica meet, but not any prize money.
The delays in prize money payments largely stem from drug testing, as meets typically wait to pay until knowing an athlete was clean. Results generally take 10-30 days to return. Grand Slam had stated that drug testing would be completed within 21 days of each meet, but this has not been the case.
The league has missed tough payment deadlines, including a self-imposed July 31 deadline to pay $3 million in prize money from its inaugural meet. As a consequence, Grand Slam has had to cancel the scheduled 2025 Los Angeles meet.
Johnson, the founder of Grand Slam Track, acknowledged the league's struggles and expressed confidence about the future but insisted on resolving current debts first before continuing the league. He suggested that the funding shortfall was due to a change in circumstances "in ways beyond our control."
New systems and partnerships are being developed to avoid recurrence of such financial issues. Agents, coaches, and meet organizers in track and field have expressed concerns about Grand Slam's trouble beyond receiving the money owed from the three meets it hosted this spring.
Agents who represent multiple athletes still owed money by Grand Slam Track have expressed doubts about the circuit's ability to return for a second season in 2026. They now wait for emailed updates from Grand Slam organizers, but are not getting anything directly answered.
In summary, although Grand Slam Track announced $30 million in funding in 2024, the withdrawal of a major investor and delays in receiving those funds have undermined its ability to pay athletes and vendors, leading to its current financial crisis. The league's founder, Michael Johnson, remains confident about the future but insists on resolving current debts first before continuing the league.
[1] Front Office Sports [2] The Guardian [3] ESPN [4] BBC Sport
- Although the league secured initial funding of $30 million in 2024, the withdrawal of a key investor and delays in receiving those funds have left Grand Slam Track struggling to pay its athletes and vendors, causing a severe financial crisis.
- Grand Slam Track, despite promising unprecedented prize money and revenues in the sports industry, is facing financial difficulties due to unpaid prize money and appearance fees, totaling approximately $13 million, and a funding shortfall following an investor's withdrawal.
