Front Office Sports is reporting that Grand Slam Track has narrowly avoided collapsing.
Margaret Fleming wrote:
Embattled running startup Grand Slam Track has narrowly avoided collapsing—for now—after receiving emergency financing from existing investors it used to make partial payments to athletes Friday, Front Office Sports has learned...
Now, the league has the money to cover some of the shortfall. A handful of the startup’s existing investors have provided the league with up to eight figures of emergency financing, a source close to Grand Slam tells FOS...
The funding is not enough to cover all of the league’s debts, which are about $11 million owed to athletes and roughly $8 million owed to vendors. But the league wired athletes half of what they are owed Friday and next plans to pay off some of its vendor debts. One athlete representative confirmed to FOS that the money had arrived early Friday morning.
