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Olympic great Michael Johnson says he will “refuse to give up on the mission of Grand Slam Track” after the athletics competition he backed voluntarily filed for bankruptcy in the United States following months of financial difficulty.

The final event of the competition’s inaugural season was cancelled in June because of economic concerns.

GST said the competition, which offered lucrative prize money, had been impacted by the withdrawal of committed investment earlier in the year.

Organisers said they had explored every alternative and are moving into a “court-supervised reorganisation”.

“Earlier this year after committed financing fell through, GST undertook extensive efforts, in consultation with its advisors, to address its liquidity challenges and sought to negotiate payment arrangements that would provide a meaningful recovery to stakeholders.

“However, a court-supervised reorganisation was deemed the most prudent path forward as these efforts continue.”

Chapter 11 bankruptcy is a mechanism which allows a company to restructure its debts in order to stay in business.

In August, Johnson said on social media that he still considered the competition to be successful, adding “we saw circumstances change in ways beyond our control”.

“While GST has faced significant challenges that have caused frustrations for many – myself included – I refuse to give up on the mission of Grand Slam Track and the future we are building together,” said Johnson on Thursday.

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

Male and female competitors were subdivided into six categories – each containing eight athletes – such as Short Sprints, with the eight runners featuring in that group competing in the 100m and 200m each weekend.

It offered significant financial incentives, with up to $100,000 (£73,600) on offer for the winners of race categories, as well as salaries for contracted athletes.

Olympic great Michael Johnson says he will “refuse to give up on the mission of Grand Slam Track” after the athletics competition he backed voluntarily filed for bankruptcy in the United States following months of financial difficulty.

The final event of the competition’s inaugural season was cancelled in June because of economic concerns.

GST said the competition, which offered lucrative prize money, had been impacted by the withdrawal of committed investment earlier in the year.

Organisers said they had explored every alternative and are moving into a “court-supervised reorganisation”.

“Earlier this year after committed financing fell through, GST undertook extensive efforts, in consultation with its advisors, to address its liquidity challenges and sought to negotiate payment arrangements that would provide a meaningful recovery to stakeholders.

“However, a court-supervised reorganisation was deemed the most prudent path forward as these efforts continue.”

Chapter 11 bankruptcy is a mechanism which allows a company to restructure its debts in order to stay in business.

In August, Johnson said on social media that he still considered the competition to be successful, adding “we saw circumstances change in ways beyond our control”.

“While GST has faced significant challenges that have caused frustrations for many – myself included – I refuse to give up on the mission of Grand Slam Track and the future we are building together,” said Johnson on Thursday.

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

Male and female competitors were subdivided into six categories – each containing eight athletes – such as Short Sprints, with the eight runners featuring in that group competing in the 100m and 200m each weekend.

It offered significant financial incentives, with up to $100,000 (£73,600) on offer for the winners of race categories, as well as salaries for contracted athletes.

Wolves got their transfer business “wrong” in the summer, says technical director Matt Jackson – while under-fire executive chairman Jeff Shi insists he can empathise with protesting fans.

Rob Edwards’ side are bottom of the Premier League with just two points and have not won in the top flight since April, while their current eight-game losing run has equalled a club record set in 1981-82.

It comes after a summer in which Matheus Cunha and Rayan Ait-Nouri were sold to Manchester United and Manchester City for a combined £92.5m, and captain Nelson Semedo left on a free transfer.

During that time, Wolves signed six players – Fer Lopez, Jhon Arias, Tolu Arokodare, David Moller Wolfe, Jackson Tchatchoua and Ladislav Krejci – without Premier League experience.

“The players who were brought in were brought in for the right reasons, but when you have a return of two points at this stage you have to say it’s wrong because whatever starting XI we have put out has not been good enough,” said Jackson, who also said Wolves will not give up on Premier League survival.

“We have a great belief in those players developing. The ability and will to improve has been excellent – but you want immediate returns.

“For the way we can go into the market for our players, it’s tough. We don’t have endless resources so we are trying to find players in markets where others aren’t necessarily looking.”

Jorgen Strand Larsen made his loan permanent for £23m after scoring 14 times last season, but the Norway striker has netted just once in the league this term.

Executive chairman Jeff Shi added: “Maybe we sold too many players in one window. You can see the squad and compare it to last season, maybe we changed 40 or 50% of the key players.

Wolves’ winless start is just two matches short of the Premier League record of 17 games set by Sheffield United in 2020-21.

It has led to unrest and several supporters’ groups organised a boycott of the opening 15 minutes of Monday’s 4-1 defeat by Manchester United at Molineux to protest against Fosun’s running of the club.

Fosun has owned Wolves since 2016, overseeing their return to the Premier League in 2018 and run to the Europa League quarter-finals in 2020, but has been accused of supervising a managed decline.

Raul Jimenez, Diogo Jota, Joao Moutinho, Adama Traore and Pedro Neto left after helping Wolves to early success, with fans feeling they were not replaced effectively.

Shi has been the target of supporters’ anger for months with long-term frustrations now boiling over.

“It’s a very natural feeling from the fans,” he told BBC Radio WM. “Five or six years ago we were at some heights, the semi-final of the FA Cup and quarter-final in Europe.

“When you have reached those heights fans don’t want to let it go. I feel it myself. When you lose something like that it’s a tough blow – for this I have empathy.

“I’m not only a fan, I’m the CEO and chairman in the club. I have to think about how to judge the last decade in a more factual way and think about the next 10 years.”

Former Everton and Norwich defender Jackson also wants to have dialogue with fans.

“Our fans are allowed to express their views on Jeff directly to Jeff because he doesn’t duck away from the challenge in the stadium,” he said. “The expletives directed at the directors’ box are going directly to him because he is there and present.

Wolves are 13 points from 17th-placed Nottingham Forest and travel to leaders Arsenal on Saturday but Shi believes, off the pitch, they are in the best shape of his tenure.

“It may sound strange but I think it’s the best time in my 10 years, where we have galvanised a group of people, elite people,” he said. “We feel we share the same views and principles. The chemistry and communication at the moment is maybe the best I have seen.

“Back to the pitch, maybe it’s one of the worst moments in the last 10 years, but still better than where we were in the Championship.”

Shi also defended owners Fosun which has been accused of being disinterested by Wolves supporters. The Chinese investment group is looking for minority investment and is not actively looking to sell the club.

Edwards replaced Vitor Pereira in November – Wolves’ fifth permanent manager in four years – but has lost his opening four games since joining from Middlesbrough.

As a player he made 111 appearances for Wolves, also coaching the under-23s and first team, and Shi is planning a future with him.

“No-one can guarantee 100%, but I can say 95% [for] at least two or three years,” said Shi.

“It’s a long-term project with Rob.”

Jackson added: “The only reason I couldn’t see him being in charge of us is that he has come to us and said ‘I have no appetite for this any more’ – and this is not the man I’m seeing.”

Wolves got their transfer business “wrong” in the summer, says technical director Matt Jackson – while under-fire executive chairman Jeff Shi insists he can empathise with protesting fans.

Rob Edwards’ side are bottom of the Premier League with just two points and have not won in the top flight since April, while their current eight-game losing run has equalled a club record set in 1981-82.

It comes after a summer in which Matheus Cunha and Rayan Ait-Nouri were sold to Manchester United and Manchester City for a combined £92.5m, and captain Nelson Semedo left on a free transfer.

During that time, Wolves signed six players – Fer Lopez, Jhon Arias, Tolu Arokodare, David Moller Wolfe, Jackson Tchatchoua and Ladislav Krejci – without Premier League experience.

“The players who were brought in were brought in for the right reasons, but when you have a return of two points at this stage you have to say it’s wrong because whatever starting XI we have put out has not been good enough,” said Jackson, who also said Wolves will not give up on Premier League survival.

“We have a great belief in those players developing. The ability and will to improve has been excellent – but you want immediate returns.

“For the way we can go into the market for our players, it’s tough. We don’t have endless resources so we are trying to find players in markets where others aren’t necessarily looking.”

Jorgen Strand Larsen made his loan permanent for £23m after scoring 14 times last season, but the Norway striker has netted just once in the league this term.

Executive chairman Jeff Shi added: “Maybe we sold too many players in one window. You can see the squad and compare it to last season, maybe we changed 40 or 50% of the key players.

Wolves’ winless start is just two matches short of the Premier League record of 17 games set by Sheffield United in 2020-21.

It has led to unrest and several supporters’ groups organised a boycott of the opening 15 minutes of Monday’s 4-1 defeat by Manchester United at Molineux to protest against Fosun’s running of the club.

Fosun has owned Wolves since 2016, overseeing their return to the Premier League in 2018 and run to the Europa League quarter-finals in 2020, but has been accused of supervising a managed decline.

Raul Jimenez, Diogo Jota, Joao Moutinho, Adama Traore and Pedro Neto left after helping Wolves to early success, with fans feeling they were not replaced effectively.

Shi has been the target of supporters’ anger for months with long-term frustrations now boiling over.

“It’s a very natural feeling from the fans,” he told BBC Radio WM. “Five or six years ago we were at some heights, the semi-final of the FA Cup and quarter-final in Europe.

“When you have reached those heights fans don’t want to let it go. I feel it myself. When you lose something like that it’s a tough blow – for this I have empathy.

“I’m not only a fan, I’m the CEO and chairman in the club. I have to think about how to judge the last decade in a more factual way and think about the next 10 years.”

Former Everton and Norwich defender Jackson also wants to have dialogue with fans.

“Our fans are allowed to express their views on Jeff directly to Jeff because he doesn’t duck away from the challenge in the stadium,” he said. “The expletives directed at the directors’ box are going directly to him because he is there and present.

Wolves are 13 points from 17th-placed Nottingham Forest and travel to leaders Arsenal on Saturday but Shi believes, off the pitch, they are in the best shape of his tenure.

“It may sound strange but I think it’s the best time in my 10 years, where we have galvanised a group of people, elite people,” he said. “We feel we share the same views and principles. The chemistry and communication at the moment is maybe the best I have seen.

“Back to the pitch, maybe it’s one of the worst moments in the last 10 years, but still better than where we were in the Championship.”

Shi also defended owners Fosun which has been accused of being disinterested by Wolves supporters. The Chinese investment group is looking for minority investment and is not actively looking to sell the club.

Edwards replaced Vitor Pereira in November – Wolves’ fifth permanent manager in four years – but has lost his opening four games since joining from Middlesbrough.

As a player he made 111 appearances for Wolves, also coaching the under-23s and first team, and Shi is planning a future with him.

“No-one can guarantee 100%, but I can say 95% [for] at least two or three years,” said Shi.

“It’s a long-term project with Rob.”

Jackson added: “The only reason I couldn’t see him being in charge of us is that he has come to us and said ‘I have no appetite for this any more’ – and this is not the man I’m seeing.”