The Grand Slam Track has been in a pool of controversies ever since the final edition of the meet that was slated to be held in Los Angeles. Weeks later, it was reported that the meet had missed payments that amounted to $77,896 to the City of Miramar for the second edition of the meet in Miami.Grand Slam Track was launched by Michael Johnson in partnership with hedge fund manager Bill Ackman. The League began with a huge vision that sparked a ray of light in the track world and aimed to make track as popular as the NBA and the NFL. Along with promoting the sport among the masses, Michael Johnson also wanted to address the issue of track athletes being underpaid and offered a massive $100,000 paycheck to the winner of the slam.After signing some of the fastest athletes in the world, including Sydney McLaughlin-Levrone and Gabby Thomas, the Grand Slam Track raised great anticipation among fans. The first three editions of the inaugural edition of the league received a great response from fans who loved watching their favorite athletes pushing their limits in a combination of unique events.However, after the cancellation of the fourth and final edition of the track meet this year in Los Angeles, troubles started to erupt for Grand Slam Track. Earlier, it was reported that the league had unpaid dues to the venues; however, later it was reported that it owed approximately $13 million to the athletes, as per Front Office Sports.Michael Johnson issued a statement amid their ongoing struggles and shared that one of the investors backed out of their commitment."I'll be clear, we've had a very difficult situation this year financially. We've had an investor that wasn't able to honor their complete commitment to the league. So, we started off with the capital that we needed to get through the season as we planned it to get through the four slams and make sure that we could take care of everyone," he said.Furthermore, Michael Johnson shared that the team was aware that they might face financial difficulties in the inaugural edition of the league; however, they were confident enough to pull themselves out of the difficulty.Michael Johnson releases a statement about the future of Grand Slam TrackOlympic & Paralympic Games, Paris 2024 and Beyond - Laureus World Sports Awards Madrid 2024 - Source: GettyMichael Johnson released a detailed statement about the future of Grand Slam Track on social media. The legendary athlete expressed his disappointment in being unable to fulfill his obligations with respect to the payments to athletes, vendors, and venues.He shared that his number one priority would be to clear all the dues and ensure that it is done at the earliest. Moreover, Johnson shared that the 2026 edition of the Grand Slam Track won't be conducted unless these obligations are met."The cruelest paradox in all of this is that we promised that athletes would be fairly and quickly compensated. Yet, here we are struggling with our ability to compensate them. We were devastated when we learned we would not receive the funding committed to us. We worked tirelessly alongside our investors and board to find a quick solution to the problem. But unfortunately, we saw circumstances change in ways beyond our control," read an excerpt from the statement.Johnson requested everyone's patience and hoped to come back stronger from the setback while expressing his confidence in the future of Grand Slam Track.