“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.

Organisers say this latest decision is not “a desertion of our long-term vision” and they continue to believe the competition has a future.