Michael Johnson to Return $500K in Grand Slam Track Bankruptcy Deal

Former league founder agrees to payment to settle with creditors and vendors

Mar. 24, 2026 at 10:10pm

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Michael Johnson, the founder of the now-bankrupt Grand Slam Track league, has agreed to pay $500,000 to settle with vendors and creditors who were owed money by the failed sports venture. The payment was deemed a fraudulent transfer by the creditors' committee, but Johnson maintained it was not factual. The league filed for bankruptcy in January 2026 after only three of the planned four events were held, leaving athletes owed over $7 million in unpaid prize money.

Why it matters

The collapse of the Grand Slam Track league has left many high-profile athletes, including Olympic champions, out significant sums of money they were owed in prize winnings. This settlement represents an effort to recoup some of those losses, though athletes will still only receive 70% of what they are owed under the revised bankruptcy plan.

The details

As part of the bankruptcy proceedings, Michael Johnson, the founder of Grand Slam Track, has agreed to pay $500,000 to vendors and creditors that the league owes money to. This payment was previously deemed a fraudulent transfer by the creditors' committee, but Johnson maintained it was not factual. The league filed for bankruptcy in January 2026 after only three of the planned four events were held, leaving athletes like four-time Olympic gold medalist Sydney McLaughlin-Levrone ($268,750), U.S. 100m champion Kenny Bednarek ($195,000), and Olympic 200m gold medalist Gabby Thomas ($185,625) owed significant prize money.

  • Grand Slam Track filed for bankruptcy in January 2026.
  • The league held only three of the planned four events before the final scheduled meet in Los Angeles was canceled due to financial shortages.
  • Johnson took a $500,000 payment from the league in June 2025, before the bankruptcy filing.

The players

Michael Johnson

The founder of the now-bankrupt Grand Slam Track league.

Sydney McLaughlin-Levrone

A four-time Olympic gold medalist hurdler who was owed $268,750 in prize money from the league.

Kenny Bednarek

The reigning U.S. 100-meter champion who was owed $195,000 in prize money from the league.

Gabby Thomas

The Olympic 200-meter gold medalist who was owed $185,625 in prize money from the league.

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What they’re saying

“We must recoup as much money as possible for the athletes and vendors who were left holding the bag when this league collapsed.”

— Creditors' Committee Representative

What’s next

The judge in the case and the other creditors, including the athletes, still must sign off on Grand Slam Track's revised bankruptcy repayment plan.

The takeaway

The downfall of the Grand Slam Track league has left many elite athletes owed significant sums of prize money, highlighting the risks and challenges of launching new professional sports ventures. This settlement represents an effort to recover some of those losses, though athletes will still only receive a portion of what they are owed.