KINGSTON, Jamaica — Micheal Johnson’s Grand Slam Track (GST) has filed for bankruptcy, a move the league said was necessary after the withdrawal of a committed investment earlier this year.

The league made the announcement in a statement on its Instagram page on Thursday.

“From the outset, our goal at GST has been to build a professional platform that truly reflects the excellence, commitment, and ambition of this sport’s athletes. Throughout our inaugural season, we created the backdrop for unforgettable races, record-breaking performances, upsets, and long-awaited matchups. But it is also became clear that the league needed a more durable financial and operational foundation to deliver on that mission,” Grand Slam Track said in a statement on Thursday.

GST said after the withdrawal of a committed investment, it worked tirelessly to secure replacement funding, meet obligations and keep the league moving forward.

“With every alternative fully explored, moving into a court-supervised reorganisation which is what GST did today became the clearest path to protect our community and our mission,” GST said.

GST added that this move provides an opportunity to bring in new investors and partners once legacy and liabilities have been restored, achieve long-term stability and sustainable growth.