“Earlier this 12 months after dedicated financing fell by, GST undertook in depth efforts, in session with its advisors, to deal with its liquidity challenges and sought to barter cost preparations that would supply a significant restoration to stakeholders.

“Nonetheless, a court-supervised reorganisation was deemed essentially the most prudent path ahead as these efforts proceed.”

Chapter 11 chapter is a mechanism which permits an organization to restructure its money owed with the intention to keep in enterprise.

In August, Johnson stated on social media that he nonetheless thought-about the competitors to achieve success, including “we noticed circumstances change in methods past our management”.

“Whereas GST has confronted vital challenges which have triggered frustrations for a lot of – myself included – I refuse to surrender on the mission of Grand Slam Observe and the long run we’re constructing collectively,” stated Johnson on Thursday.

GST featured a number of well-known athletes, together with British Olympic sprinters Daryll Neita and Matthew Hudson-Smith, and 1500m world champion Josh Kerr.

Female and male rivals have been subdivided into six classes – every containing eight athletes – corresponding to Quick Sprints, with the eight runners that includes in that group competing within the 100m and 200m every weekend.

It supplied vital monetary incentives, with as much as $100,000 (£73,600) on supply for the winners of race classes, in addition to salaries for contracted athletes.

Organisers say this newest choice is just not “a desertion of our long-term imaginative and prescient” they usually proceed to consider the competitors has a future.