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GST founder Michael Johnson says he “refuses to surrender on the mission of Grand Slam Observe and the longer term we’re constructing collectively”.
Grand Slam Observe, the professional monitor league which promised to revolutionise the game, has filed for chapter in america.
This follows a disastrous opening season the place the fourth and remaining occasion of 2025 – in Los Angeles in June – was cancelled following money circulation issues and poor crowds on the first three occasions.
Johnson, 58, stated: “Grand Slam Observe was based to create knowledgeable platform that displays the expertise and dedication of this sport’s athletes. Whereas GST has confronted important challenges which have prompted frustrations for a lot of – myself included – I refuse to surrender on the mission of Grand Slam Observe and the longer term we’re constructing collectively.”
Grand Slam initially claimed it had $30 million in funding, however the league quickly obtained into monetary bother and located itself unable to pay athletes and distributors.
In October, it distributed $5.5 million to athletes – about half what they have been owed – however there remained massive sums owed.
In a press release on Thursday (Dec 11), Grand Slam Observe introduced “a complete reorganisation to place the league for sustainable long-term progress.
“To facilitate the reorganisation, GST has filed a voluntary petition for Chapter 11 within the US Chapter Court docket for the District of Delaware. GST intends to utilise the Chapter 11 course of to stabilise its funds, implement a extra environment friendly price and working mannequin, and place GST for long-term success.”
GST added: “Earlier this 12 months after dedicated financing fell by means of, GST undertook in depth efforts, in session with its advisors, to deal with its liquidity challenges and sought to barter fee preparations that would offer a significant restoration to stakeholders. Nonetheless, a court-supervised reorganisation was deemed essentially the most prudent path ahead as these efforts proceed.
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“With a rightsized monetary profile, the League may have the power to return for future seasons and pursue new initiatives – together with by means of the enlargement of participatory occasions, enhanced media choices, and deeper connections with the worldwide working group – in the end with the aim of executing on its imaginative and prescient of reworking monitor right into a unified, globally commercialised sport.”
READ MORE: GST – the place did all of it go flawed?
Nicholas Rubin, chief restructuring officer, stated: “These steps will enable GST to deal with its excellent liabilities whereas persevering with constructive discussions with buyers. Finally, the aim of the reorganisation is to create a extra environment friendly working construction, improve athlete and associate relationships, and supply the League with a platform for future success.”
Sarcastically, it’s practically 30 years since Johnson himself boycotted aggressive occasions within the UK following the chapter of the British Athletic Federation and its incapability to pay him for racing in London in 1997.
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