Grand Slam Track, the league fronted by sprinting great Michael Johnson that offered six-figure prize money for top runners, has filed for bankruptcy after canceling its final event and failing to pay athletes and vendors.
Johnson boasted a $30 million bankroll at the outset, but in its Chapter 11 filing Thursday in Bankruptcy Court in Delaware, the league said it had less than $50,000 cash on hand, had between 200 and 999 creditors, and owed between $10 million and $50 million.
"I refuse to give up on the mission of Grand Slam Track and the future we are building together," Johnson said in a news release announcing the bankruptcy filing.
It marks the latest chapter in a stunning fall for a league that signed some of the sport's biggest stars -- including world champions Sydney McLaughlin-Levrone, Anna Hall and Melissa Jefferson-Wooden -- with a vision of reimagining the sport and keeping it on TV and in the headlines in non-Olympic years.
The Athletic reported in October that many of the top athletes were still owed six-figure sums, while vendors had largely rejected an offer to accept 50% of what was owed to them or risk the league going into bankruptcy.
The league's troubles came into sharp focus in June when it canceled its meet in Los Angeles, the last of four scheduled events for its opening season.
In its release, the league said the reorganization will give it "the ability to return for future seasons and pursue new initiatives -- including through the expansion of participatory events, enhanced media offerings, and deeper connections with the global running community."