World Athletics president Lord Sebastian Coe has warned that the track and field calendar must be properly policed following the bankruptcy of sprinting legend Michael Johnson’s Grand Slam Track (GST) series.

GST, which launched this year with events in Kingston, Miami, and Philadelphia, and had planned a fourth meet in Los Angeles, filed for Chapter 11 bankruptcy in the US. Organisers cited withdrawn investment and cashflow issues as the main reasons for the collapse.

Athletes Among Creditors

The bankruptcy left several top athletes owed significant sums. Scottish middle-distance runner Josh Kerr is reported to be owed £162,000, while American sprint stars Sydney McLaughlin-Levrone and Gabby Thomas are owed £265,000 and £186,000, respectively.

Despite the setback, Michael Johnson stated last week that he refuses to give up on the GST mission, acknowledging the “significant challenges” his organisation has faced.

Coe Stresses Sustainable Innovation

Speaking at the Novuna London Athletics Meet, Lord Coe emphasised the need for new events to be financially solid and sustainable.

“We have to make sure that when there are fresh events, they come to the table with credentials and assets… it’s got to be sustainable,” Coe said.
“Some in this building will be working through Christmas to make sure that we don’t let the athletes down.”

He highlighted that events like the upcoming Ultimate Championships in Budapest, which will feature a £7.44m prize fund with winners earning £111,582 each, show that World Athletics welcomes innovation and investment, but these initiatives must be backed by realistic and robust business plans.

Coe warned that poorly executed projects put athletes at risk:

“There is a responsibility to make sure you’ve got a business plan that is solid, a plan A, and a bulletproof plan B. You’ve got to execute really well, and if you don’t, the athletes are put at risk.”

Looking Ahead

While GST seeks to restructure through Chapter 11 to stabilise finances and implement a more efficient operating model, World Athletics is committed to ensuring future events are financially secure and athletes are protected.