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 US.
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.
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.
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.
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