GST financial update: GST still hasn't paid Miramar for stadium, MJ says they had cash crunch after key investor pulled out after going to Jamaica event

They were way over their skis on this one. I really hope the athletes eventually get paid.

Some very telling quotes in here but the biggest takeaway for me was that they didn't have true contractual commitments to the money before promising athletes money. A term sheet from an investor, even if signed, is almost always non-binding. They never should have gone forward before they actually secured funding.

ONE investor cause the whole GST financial collapse? Wow someone didn’t know what they were doing at GST.
if someone promises you money, you don’t spend it before you get it!

Unfortunately, it looks like that only applies to the athletes, not Johnson. Perhaps when someone files a civil suit, Johnson will learn that applies to him too.

This sucks. Shoulda known it would be a s show with Bill Ackman involved. How many runners changed their plans/seasons for this opportunity. This is going to be a huge hardship for them. Elon should cover the runners, have them wear Tesla kit, and let MJ fend for himself w the vendors. When is MJ's next presser?

This isn't that complicated.

Investor went to Jamaica and saw no-one was there. Like me, he or she must have been stunned by how few people were there.

Immediately decided to cut bait and not dump more money into venture. Investor (or GST), like many in the country. tries to blame it on Trump. Can someone please tell me how tariffs would impact a pro sports league?

PS. Here is the link to Young's actual article which I have added to the first post.

Also Corey Mull has a tweet out about how they haven't paid Miramar:

https://x.com/ByCoryMull/status/1948108664792813737

Presser? MJ will be settling lawsuits for the next several years then retire to quiet obscurity. He won't be doing any pressers ever again.

MJ should SUE the investors who acted in BAD faith.

And why would tariffs impact it? It’s complete TDS

good idea

This is on the organizers of GST. Knowing how important it is to make a strong first impression, why on earth did they go to Kingston? There are some proven venues where there's a built in audience. As an example, they could have tried to piggy back on to Penn Relays or Drake Relays. Or they could have tried in a locale like London that draws big crowds. Or even Hayward.

If it's an eight-figure investment that was pulled, this must mean it's Ackman, right? And it is on MJ if he was acting like a term sheet was money in the bank. The entire cost of year one should have been committed before making the claims GST did. They've burned a lot of athletes (and apparently some venues and likely many other vendors and employees) with this move, even if this investor does absolutely suck. And with the claims MJ was making publicly, the investor should have been more responsible and stepped in way before this fallout took place.

I still feel bad for Merber. He was taking in all the BS from upstairs while lining these athletes up and I'd assume he's been one of (if not the only one) having to face these athletes directly on the other side.

How can they take money away again? Surely to be an investor you have to invest money, meaning that money is gone? Surely MJ didn't go ahead and spend money he didn't have!?