A month ago, Michael Johnson’s Grand Slam Track jolted its vendors with letters from insolvency firm Levene, Neale, Bender, Yoo & Golubchik LLP, warning they’d have to accept just 50% of what they’re owed or brace for a bankruptcy filing. Some agreed, many didn’t, and now the league is staring down an all-but-certain collapse.

The real blow, however, may fall on the athletes like Gabby Thomas, Josh Kerr, and many others, who stand to lose the most under the U.S. bankruptcy code.

According to league administrators, athletes have so far received only half of their owed payments. Major stars like Josh Kerr, Gabby Thomas, Kenny Bednarek, and Sydney McLaughlin-Levrone are still missing prize money that reaches into the hundreds of thousands.

But there’s a bigger concern: if the league ulti

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