Grand Slam Track may not return, Michael Johnson concedes - with some athletes still yet to be paid amid 'major cash flow issue'

Michael Johnson has confessed his new Grand Slam Track venture has a 'major cash flow issue' and it is not guaranteed to return for a second year.

The US legend's new athletics league launched in Kingston, Jamaica in April, with stars promised record prize money and lucrative contracts.

However, the fourth and final event of the inaugural season, scheduled for Los Angeles, was cancelled at late notice last month, while athletes have still not received their winnings.

Grand Slam Track have previously downplayed cash concerns, insisting participants would be paid what they were due from Jamaica by the end of this month, with money owed from the other two meets in Miami and Philadelphia to come in September.

Johnson, though, has now admitted that his start-up – which was said to have received $30million of funding - is in financial crisis after a major investor backed out on an eight-figure commitment.

'We had a very difficult situation this year financially,' Johnson told Front Office Sports. 'We had an investor that wasn't able to honour their complete commitment to the league.

'That was a huge blow to us, caused a major, major cash flow issue for us, put us in a difficult position, put our athletes in a difficult position. But we're very confident that we'll pull ourselves out of it.

'We've got to get this right, we've got to get our athletes and vendors taken care of. We've been working very hard over the last couple of months to make sure that we can get everyone taken care of and making sure that we can actually get to next season.

'It's what I wake up in the middle of the night working on and thinking about.'

Johnson admitted Grand Slam Track 'probably went too fast' and that they need to be 'more cautious' going forward.

His confession comes after World Athletics president Lord Coe said the global governing body were closely monitoring the situation and were concerned that athletes had not been paid.

'This is not a good situation,' he said. 'Athletes do need paying. Conduct in our sport is important to us. We are following this closely.'

Britain's fastest man, Zharnel Hughes, confirmed this week that he was still waiting for his prize money and that athletes would now be wary about joining a second season of Grand Slam Track.

'I think people enjoyed it, but now that the payments have been delayed and they fell short by not having the last one, people may be more hesitant to try out next season,' said Hughes.