Does anyone know who is the investor who pulled out that MJ is always referring to? Is there any information from them? Why is Johnson not suing that investor? Clearly Johnson made some terrible decisions, and its on him. Its very sad to see, I heard Johnson say he is not sleeping over this. Must be crushing pressure; all just sad for everyone involved. Maybe Trump will bail him out, he was on the Apprentice and did well...lol
Does anyone know who is the investor who pulled out that MJ is always referring to? Is there any information from them? Why is Johnson not suing that investor? Clearly Johnson made some terrible decisions, and its on him. Its very sad to see, I heard Johnson say he is not sleeping over this. Must be crushing pressure; all just sad for everyone involved. Maybe Trump will bail him out, he was on the Apprentice and did well...lol
Apparently, the there was a term sheet with an investor but not a signed binding commitment. So you can't sue unless their was a legal obligation to commit the money.
This is where he should get flamed by prosecutors pressing fraud charges against him. They are going to have a field day proving how he failed to disclose shaky nonbinding “commitments” as the funding base to the athletes & vendors who signed agreements with GST and passed off what were likely just conversations or “handshake agreements” as cash in hand. If he didn’t get the funding agreements contractually signed, or didn’t appropriately disclose the financial situation to the signing parties (athletes, agents, vendors), they are going to cook him like a Thanksgiving turkey in court.
MJ’s language is telling. He’s moping about an investor failing to “honor their commitment” which is a far cry from “aggressively pursuing an investor who signed a contractual obligation for an agreed-upon funding figure”.
There is a minuscule chance the athletes & vendors were informed and were as hypnotized as MJ was with GST being “the next big thing”, but decided to accept the risk in the hopes that it would work out. It’s possible that athletes like Noah Lyles and venues like Hayward Field saw these risks outlined and decided it was against their best judgement.
However I find it highly suspect to think all the athletes, vendors, and agents who signed agreements would have recklessly signed off on a document that appropriately addressed the serious risks associated. I also find it hard to believe that GST would have taken the time & care to hire competent attorneys who could craft documents with precise language to make all the parties aware of the risk. Everything we’ve found out about the GST organization has looked like a chaotic school project thrown together on the bus ride the morning it’s due. It would be shocking to me if they had they had their ducks in order and all of those athletes, agents and vendors simply took a gamble. It’s magnitudes more likely GST took the hasty risk and wasn’t being truthful about it, and have now been caught & exposed.
Exactly... I'm sure Fisher's agent and others did their due diligence and checked carefully—they would not have signed their athletes up for the "promise" of funding, right? Even if they had doubts about GST's viability, you can't get around that language in the eyes of the law.
The disconnect between what Fisher and co signed up for versus the reality of the situation means that someone along the chain—most likely GST's legal folks with MJ's full knowledge, speculating here—lied and therefore a class action could be on the table
Why can't we get the whole story as from in all parties involved? If MJ says sponsors or donors did not pay why is that? And if they say whatever follow that up too. And then follow up whatever comes before that too. And so on and so forth. Even if the buck still stops with MJ.
Let’s take a look back at the start of this fiasco. “This new model will turn our fans into co- creators and athletes into owners “. You could smell the bullish!! even then my
Why would any new investors take on the debt for GST?
The brand is worthless. The format is garbage. Any investor worth their salt would look at GST and insist that Johnson relinquish all creative control. So in effect why bother investing in GST, when they could find a different, solvent group to take the concept of a track league forward and save themselves $13m from the outset.
How did this guy not have solid contracts in place guaranteeing enough sponsorship to fulfill his promised payouts and to fulfill his side of contracts with bmvenues? You don't do anything until the funding is guaranteed or at least behind a contract you can use to get the funds after default?
A big reason why a thriving professional track circuit won’t make it in America is because of how are cities are designed. I’ve said this before. Track is never going to get the same kind of time, energy, and financial investment from fans that our big sports get. It’s just not that kind of entertainment. No one is going to drive an hour, pay for parking, and pay for tickets and concessions all just to sit for a tours at a laid back meet. They will do that for a baseball or football game. We did this to ourselves. Track works in Europe because the barrier to going to a meet with friends is so much lower than here. America also has a much more isolated culture. Less out and about, less spontaneous, hey let’s go see a track meet tomorrow. We’ve built our cities such that doing anything is a significant investment and requires planning and coordination. How are six friends here going to see a track meet together and then bar/cafe hop afterward? They’ll all have to drive from various areas and park and do that for each place they want to go. It sucks.
I agree. This is why the meet that worked best (in person, can't speak for the seemingly bad tv watching experience) was in Philadelphia. It's a city that everyone loves to poop on, but in reality, it's a close knit extremely walkable city with an awesome historic track stadium right in the middle where people live (and it's very transit friendly). It was a 10 minute walk for me to stroll over there, and I decided the day before to go. I know about 100 people that went, and nobody needed to drive. There's a great running/track culture around here. Hopefully the stadium will support more meets in the future, GST or not.
Does anyone know who is the investor who pulled out that MJ is always referring to? Is there any information from them? Why is Johnson not suing that investor? Clearly Johnson made some terrible decisions, and its on him. Its very sad to see, I heard Johnson say he is not sleeping over this. Must be crushing pressure; all just sad for everyone involved. Maybe Trump will bail him out, he was on the Apprentice and did well...lol
Apparently, the there was a term sheet with an investor but not a signed binding commitment. So you can't sue unless their was a legal obligation to commit the money.
Apparently, the there was a term sheet with an investor but not a signed binding commitment. Where did you get this? Any documentation? What is a non legally binding term sheet?
even if he gets the money now, what athlete would sign in 26? duh it's over.
What?
If all the athletes got paid in full -- much bigger amounts than they get paid in other races -- nobody would sign up for 2026? What kind of track fans would not want to see the GST carry on. They were good meets
Nobody getting paid, no GST next year, lawsuits incoming.
Lawsuits will follow the money and reveal to whom monies have been paid.
It will be very revealing to know how monies have been paid out. MJ, staff, agents who often do side deals to bring in athletes without the athletes knowing, have some athletes been paid and others not, venues, vendors, etc.
If Ackman said "I'm in for $30 million if you can raise $10 million elsewhere" and MJ failed to raise 10, can you really blame the guy for backing out?
Nobody getting paid, no GST next year, lawsuits incoming.
Lawsuits will follow the money and reveal to whom monies have been paid.
It will be very revealing to know how monies have been paid out. MJ, staff, agents who often do side deals to bring in athletes without the athletes knowing, have some athletes been paid and others not, venues, vendors, etc.
Some doubts.
Can't sue billionaires like Ackman successfully as they have an endless supply of money and will make it more expensive to go after them than its worth plus they are wired into the Justice System and its unlikely you will get a fair shake
If Ackman said "I'm in for $30 million if you can raise $10 million elsewhere" and MJ failed to raise 10, can you really blame the guy for backing out?
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