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≡ GST IN BANKRUPTCY ≡
Grand Slam Track amended its bankruptcy filing at the U.S. Federal Bankruptcy Court in Delaware, showing estimated assets of $1-10 million, instead of less than $50,000.
It also disclosed that the voting shares in the company were owned by founder Michael Johnson (100% of Series A voting shares) and Winners Alliance, the commercial arm of the Professional Tennis Players Association (100% of Preferred shares).
A list of its 20 largest creditors was inserted, with seven athletes on the roster:
● $356,250 to Sydney McLaughlin (USA)
● $249,375 to Gabby Thomas (USA)
● $225,000 to Kenny Bednarek (USA)
● $218,750 to Josh Kerr (GBR)
● $211,875 to Marileidy Paulino (DOM)
● $190,625 to Alison dos Santos (BRA)
● $190,625 to Melissa Jefferson-Wooden (USA)
The largest creditors were listed as Momentum-CHP Partnership, which appears to be related to broadcast production, at $3.036 million, then technology and event support group PMY USA at $1.268 million, and then design firm Girraphic, for $690,624.
Citius Magazine was listed as the ninth-largest creditor with $272,916 owed, ostensibly for promotional support. Other vendors for accommodations management, transportation, communications and marketing were also listed.
Grand Slam Track has been reported to owe as much as $19 million for payments to athletes and other vendors related to the four meets it scheduled for 2025, of which three were held, in Kingston, Jamaica; Miramar, Florida, and Philadelphia, Pennsylvania.
The filing shows between 200-999 claimants, assets of $1-10 million and total claims of between $10-50 million.
A statement for the circuit released on 11 December included:
“GST intends to utilize the Chapter 11 process to stabilize its finances, implement a more efficient cost and operating model, and position GST for long-term success. Earlier this year after committed financing fell through, GST undertook extensive efforts, in consultation with its advisors, to address its liquidity challenges and sought to negotiate payment arrangements that would provide a meaningful recovery to stakeholders. However, a court-supervised reorganization was deemed the most prudent path forward as these efforts continue.
“With a rightsized financial profile, the League will have the ability to return for future seasons and pursue new initiatives – including through the expansion of participatory events, enhanced media offerings, and deeper connections with the global running community – ultimately with the goal of executing on its vision of transforming track into a unified, globally commercialized sport.”
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