UK Athletics (UKA) has decided not to participate in the new Grand Slam Track competition, a $30 million event created by four-time Olympic gold medalist Michael Johnson, citing financial concerns. This competition, which is set to debut in Jamaica in April 2025, is structured similarly to the four tennis Grand Slams and includes significant prize money of $12.6 million. The series is set to include elite athletes such as Sydney McLaughlin-Levrone and Josh Kerr, and has already attracted significant attention in the athletics world. Rumors had circulated that Birmingham’s Alexander Stadium and London Stadium could host one of the four events, which will also take place in Los Angeles and Miami, with the final venue to be confirmed soon.
Jack Buckner, the Chief Executive of UKA, explained that the organization’s financial situation made it too risky to become involved in the competition. Despite acknowledging the potential of Johnson’s event and its exciting format, he emphasized that three days of track athletics would involve high costs, particularly when it comes to selling enough tickets at venues like the London Stadium. UKA’s focus, at present, is on stabilizing its finances and ensuring that existing events, such as the Diamond League in London, are profitable. In addition, UKA is pursuing a bid to host the 2029 World Athletics Championships, which Buckner described as a more sustainable long-term goal.
UKA has struggled with financial instability in recent years. In 2022, hosting the Diamond League in Birmingham resulted in a loss of £800,000, followed by another £500,000 loss in early 2023 when the World Indoor Tour was held. These losses, coupled with a series of costly decisions, have made the organization cautious about taking on new ventures that could further jeopardize its finances.
Buckner emphasized that while the Grand Slam Track competition was appealing, UKA needed to build its events portfolio on a strong foundation that could be sustained financially. The organization’s finances have improved since those earlier losses, with UKA reporting a reduction in its financial deficit for the 2023-2024 period. UKA’s current projected loss for the year is £1.2 million, down from the £3.7 million loss in the previous year. This marks a positive shift, as UKA had initially projected a £1.6 million loss. UKA’s chair, Ian Beattie, has stated that while there is still a long road ahead, the organization is on track to break even by 2026.
In the wake of these financial improvements, UKA is cautious about taking on high-risk events, especially those that involve substantial upfront costs. The aim is to strike a balance between securing exciting new events and maintaining fiscal responsibility. Buckner noted that UKA has engaged in a feasibility study for a potential bid to host the 2029 World Athletics Championships, a major event that could have a more lasting impact on the organization’s finances and its role in the global athletics community.
Ultimately, UKA’s decision to pass on the Grand Slam Track competition reflects its commitment to rebuilding its financial standing and focusing on events that are more aligned with its long-term strategic goals. While the Grand Slam Track may prove to be an exciting addition to the athletics calendar, UKA’s priority remains to ensure that any involvement in such initiatives is done in a way that guarantees financial sustainability for the future.
