Sydney McLaughlin-Levrone, Gabby Thomas among those owed six figures by bankrupt Grand Slam Track
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Sydney McLaughlin-Levrone, Gabby Thomas, Melissa Jefferson-Wooden and four other Olympic medalists are among those owed six-figure sums by Grand Slam Track, the racing league that filed for bankruptcy earlier this month.
The league resubmitted forms Monday for its Chapter 11 bankruptcy, one of which was a required list of its top 20 creditors.
McLaughlin-Levrone, the four-time Olympic champion and world-record holder in the 400-meter hurdles, was owed the fifth most on the list: $365,250.
Others included Kenny Bednarek, Josh Kerr, Marileidy Paulino and Alison Dos Santos. Dos Santos and Jefferson-Wooden were each owed $190,625. The rest were owed between $211,000 and $250,000.
Olympic gold medalist Michael Johnson formed the league by signing athletes who received salaries and appearance fees to compete on the four-event circuit. They also competed for prize money at each race and in a season-long series that was cut short when Grand Slam Track abruptly called off its final event, set for Los Angeles in June.
The organization also amended its estimated assets to between $1 million and $10 million instead of less than $50,000, which is what it said in the original filing.
It said it owed between $10 million and $50 million to between 200 and 999 creditors, with the largest sum, $3.036 million, due to Momentum-CHP Partnership, a joint venture created for the league’s TV productions.
“With a rightsized financial profile, the League will have the ability to return for future seasons and pursue new initiatives,” GST said in a news release last week that announced the bankruptcy.
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AP sports: https://apnews.com/sports