Michael Johnson admits to Grand Slam Track financial woes
The league, which is in its inaugural season, reportedly owes competitors millions of dollars in appearance fees and prize money, and in June the fourth and final meet on the calendar – scheduled for Los Angeles – was cancelled.
In a statement on Friday, Johnson said the company was "struggling with our ability to compensate" athletes due to not receiving promised funding.
"It is incredibly difficult to live with the reality that you've built something bigger than yourself while simultaneously feeling like you've let down the very people you set out to help. However, I have to own that," the former Olympic champion said.
"And yes, the cruellest paradox in all of this is we promised that athletes would be fairly and quickly compensated. Yet, here we are struggling with our ability to compensate them.
"We were devastated when we learned we would not receive the funding committed to us. We worked tirelessly alongside our investors and board to find a quick solution to the problem.
"Up until and even after the LA postponement, we were getting positive signs that a solution was close."
Johnson said Grand Slam was now working to put new systems in place with the aim to ensure this did not happen again in the future.
He added: "While I am no stranger to setbacks and overcoming obstacles, as an athlete, professionally and personally, this current situation of not being able to pay our athletes and partners has been one of the most difficult challenges I've ever experienced.
"The 2026 season will not happen until these obligations are met – and that is my number one priority."
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