Olympic Champion Michael Johnson faces lawsuit from Grand Slam creditors
Michael Johnson is being sued by Grand Slam creditors who allege he secretly paid himself $500,000 before the project's collapse.Summary
Olympic champion Michael Johnson is facing a lawsuit from unsecured creditors of the Grand Slam Track project, who accuse him of self-dealing and prioritizing high-profile athletes. The creditors allege Johnson awarded himself a $500,000 payment just days before the project collapsed, while still owing millions to athletes and other creditors. Court filings suggest Johnson also “feigned” concern for athletes’ interests publicly.
Furthermore, the filing claims Johnson was owed $2.2 million by Grand Slam Track but still took out $500,000 on June 4th, knowing the project was in financial trouble. Accusations also include prioritizing payments to well-known athletes like Josh Kerr to mitigate reputational damage.
Grand Slam Track is also accused of misrepresenting its funding, publicly claiming $30 million when it had only raised $13 million, with a significant portion from Eldridge Industries not contractually guaranteed. The project, marketed as a way to “save athletics,” focused primarily on track events, excluding field disciplines, and held meets in Jamaica and the USA with plans for expansion.
(Source：Irie Fm)