(Photo credit: Kirby Lee-Imagn Images)

Grand Slam Track has not received expected funds and has been unable to pay the athletes who are due money from the fledgling organization, founder Michael Johnson said Friday.

In a lengthy message posted to social media, Johnson said he is 'devastated' that Grand Slam Track does not have the means to pay the competitors who took part in three track meets earlier this year.

Front Office Sports reported last month that Grand Slam Track owes the athletes about $13 million in a combination of prize money and appearance fees for the events.

'It is incredibly difficult to live with the reality that you've built something bigger than yourself while simultaneously feeling like you've let down the very people you set out to help. However, I have to own that,' began the statement that Johnson, a sprinter who won four gold medals over three successive Olympics (1992-2000), posted to X.

'And yes, the cruellest paradox in all of this is 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.'

In starting Grand Slam Track, Johnson wanted to see to it that track athletes received attention between Olympic Games and were paid well -- up to $100,000 for a first-place finish. At the time it was formed, the group said it had $30 million in committed money.

Three events were held this year -- in Kingston, Jamaica, Miami and Philadelphia -- with a fourth set for Los Angels canceled.

Johnson said he understands that athletes as well as people who worked at meets, such as vendors, are frustrated.

'I know this damages trust. I know this makes some wonder if our vision can survive. That is why we are not just addressing the immediate problem; we are putting systems and partnerships in place to make sure it never happens again,' he said.

Johnson, 57, said future events are on hold until the debts are paid but he remains hopeful.

'Despite the challenges of the past few months, I remain confident about the future of Grand Slam Track,' Johnson said.

--Field Level Media