Johnson's Grand Slam Track files for bankruptcy, vows to return

US Olympic legend Johnson launched Grand Slam Track earlier this year with the bold goal of transforming athletics, promising a concentrated format featuring more frequent head-to-head races between the world's best athletes.

However the circuit stalled amid financing issues, with Johnson forced to cancel the fourth and final leg of the circuit in Los Angeles following meets in Kingston, Miami and Philadelphia.

Johnson said in August the circuit would not take place in 2026 as planned until athletes waiting to receive prize money for competing in 2025 had been paid.

In a statement on Thursday, Grand Slam Track said the circuit had filed for Chapter 11 bankruptcy protection in the US state of Delaware in order to "position the league for sustainable long-term growth."

"GST intends to utilize the Chapter 11 process to stabilize its finances, implement a more efficient cost and operating model, and position GST for long-term success," the statement said.

Johnson insisted in the statement that he had not abandoned his dream of a viable version of the circuit.

"Grand Slam Track was founded to create a professional platform that reflects the talent and dedication of this sport's athletes," Johnson said.

"While GST has faced significant challenges that have caused frustrations for many –- myself included -– I refuse to give up on the mission of Grand Slam Track and the future we are building together."