World Athletics Statement on Grand Slam Track

Good. I think they had already said that anyway a few weeks back, but good that they're reiterating it and ensuring that remains forefront in the discussion. As if GST would get many athletes to compete in a new season anyway if the previous season's winnings haven't been paid out.

Put this statement alongside that from the agents last Friday and it is difficult to see how any recovery plan will be signed off by the bankruptcy court unless Winners Alliance provide additional fundkng to repay athletes and vendors in full.

I'll be interested to see how Michael Johnson spins this.

Doesnt matter what WA says we hear Grand Slam Track folks wont be alive much longer, death threats from Timbukthree.

Flesh wound

Sorry if this is a stupid question, but did we ever learn who is the major eight-figure financial backer that withdrew support? That looks to me like it was the killer blow.

Good stuff. Was worried them c s would get away with it.

The killer blow was GST spending money like the had 3 times the funding they thought they secured, made worse by the fact they didn't actually secure some of the major funding.

"The Athletic’s investigation also revealed that Eldridge, the asset management company chaired by Todd Boehly, chairman of Premier League team Chelsea and part-owner of baseball’s Los Angeles Dodgers and basketball’s Los Angeles Lakers, had last spring signed a preliminary, non-binding term sheet to invest, at minimum, a further $30m.

"Yet even as GST scrambled to raise funds, at no stage during the opening three meets did it inform athletes, agents or vendors that the business was running out of cash. This is despite both Johnson and Steve Gera, GST’s president and chief operating officer, foregoing their salaries from the middle of April — coinciding with Eldridge deciding not to go ahead following the meet in Jamaica — according to the new documents."

Full article behind Athletic/NYT paywall:

nytimes.com

Michael Johnson's Grand Slam Track league owes $40.68m, according to new filings

@TheAthletic

New documents reveal the stark financial shortfall of the start-up track league - including the cash owed and salary drawn by its founder

Open link

Thanks for the info. I hadn't really been following the money.

“We’re so excited to partner with World Athletics to bring fans the most thrilling and competitive track competitions in the world. This strategic partnership will help grow Grand Slam Track on the global stage, bringing the sport of track to audiences worldwide where fans can interact with their favorite stars like never before. We look forward to this exciting endeavor following the resolution of clerical financial matters. This is just the start for an incredible 2nd season of Grand Slam Track.”

Completely missing the point, turning it into another glowing promo, and glossing over the severity of the catastrophe that was 2025 while looking ahead to the nonexistent 2026 season as if it’s tangible. I think I nailed it. I would say MJ can pay me for licensing rights of my PR spin, but the funds probably won’t go through, and it must have been the bank’s fault.

Seems like overreach for World Athletics to do this based on a meet/race organizer's financials.

What about national organizations who put on meets? Many of them are in debt and owe athletes money.

If someone runs a time, it happened.

World Athletics should concern themselves with clean sport and fair officiating (including properly measured courses), and they have plenty of room for improvement there.

Again, I ask, why has Uncle Phil not made a contribution to bail out the guy with a statue on campus? Chump change and he could own the thing.

Indeed.

And for all of the talk from some people that we should worship billionaires because of the products they create and ventures they enable, this investor was pretty cowardly when it came to pulling our of their term sheet.

"The Athletic’s investigation also revealed that Eldridge, the asset management company chaired by Todd Boehly, chairman of Premier League team Chelsea and part-owner of baseball’s Los Angeles Dodgers and basketball’s Los Angeles Lakers, had last spring signed a preliminary, non-binding term sheet to invest, at minimum, a further $30m."

One of the reasons he has so much money is because he’s careful with it. This would not be a wise investment. Just because you have the money doesn’t mean you’ll waste it on folly.

PK has not been the boss at Nike for over a decade. In 2017 the new Nike CEO followed hundreds of Fortune 500 firms and moved from dozens of location around the world, Nike's marketing, branding, Arts, Film, TV, Graphic Design, Stage Performers, advertising to West Los Angeles/LAX area. It's now in only one place, LA. Nike re-prioritize and didn't opt for the underground parking lot at Hayward Field, etc.

GST was supposed to be a for-profit, money-making sports league. It's hard to blame people for deciding not to invest when a money-making opportunity starts to look more like a charity.

No where did I suggest the company do the bail out. Have you been keeping up with the (public, i.e. we know about) donations Buck and Penny's foundation have made over the past few years? It's over 3.5 billion.

If you were fast enough to compete at Hayward, you would know Uncle Phil has an assigned parking slot in the tunnel off the finish line.

And what's all of this message board spam about LA?