NEW YORK (Reuters) -Grand Slam Track is struggling to compensate its athletes after pulling its final meet of the year in Los Angeles, CEO Michael Johnson said on Friday, adding that the start-up did not receive funding that had been committed to it.
The track circuit lured in top talent with promises of massive paydays in its debut year but was forced to cancel the fourth and final meet on the calendar after trimming back another event in Philadelphia from three to two days.
Last month, Front Office
Sports reported that Grand Slam Track owed around $13 million to athletes who had participated.
"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," Johnson said in a statement.
"We promised that athletes would be fairly and quickly compensated. Yet, here we are struggling with our ability to compensate them."
The four-time Olympic gold medallist said the start-up was unable to meet dated payment timelines after it did not receive funding committed to it: "We saw circumstances change in ways beyond our control."
Despite this, Johnson said Grand Slam Track has no plans to shut down and would move forward with a 2026 season after its athletes have been paid.
(Reporting by Amy Tennery in New York, editing by Pritha Sarkar)
