Grand Slam Track, the athletics series founded by Michael Johnson, has filed for bankruptcy in the United States amid cash flow problems and poor attendances.
GST was launched by the four-time Olympic champion in 2024, with the first events taking place this year in Kingston, Jamaica, and Miami and Philadelphia in the United States.
However, the fourth and final event - in Los Angeles in June - was cancelled amid financial trouble that saw the league unable to pay athletes or vendors.
Johnson, 58, said: "Grand Slam Track was founded to create a professional platform that reflects the talent and dedication of this sport's athletes.
"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."
According to the public bankruptcy filing, GST says it has between up to $50,000 (£37k) in assets, while having between $10,000,001 (£75k) and $50m (£37k) in liabilities, and the filing says there are between 200 and 999 creditors.
The document was filed this week and was signed by GST's president Johnson as well as chief operating officer Steve Gera, and attorney J. Rudy Freeman.
Speaking in August after GST has announced competition would not resume until athletes were paid, effectively putting their 2026 season on hold, Johnson said: "The cruellest paradox in all of this is we promised that athletes would be fairly and quickly compensated. Yet, here we are struggling with our ability to compensate them.
"We were devastated when we learned we would not receive the funding committed to us. We worked tirelessly alongside our investors and board to find a quick solution to the problem.
"Up until and even after the LA postponement, we were getting positive signs that a solution was close.
"However, we determined the best thing to do would be to conclude our season early to avoid further losses and start the lengthy process of stabilising the company to get back on track.
"But unfortunately, we saw circumstances change in ways beyond our control."
(c) Sky Sports 2025: Grand Slam Track: Michael Johnson fronted athletics competition files for bankruptcy
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