Organisers of GST have said the competition – which offered lucrative prize money – had been impacted by the withdrawal of committed investment earlier in the year, and that it intends to utilise the Chapter 11 bankruptcy process in the United States “to stabilise its finances, implement a more efficient cost and operating model, and position GST for long-term success”.

Chapter 11 is a mechanism which allows a company to restructure its debts in order to stay in business.

GST launched this year with events in Kingston and the US cities of Miami and Philadelphia but, amid cashflow problems and poor attendances, a fourth meet in Los Angeles in June was cancelled.

This week it was revealed that according to court documents filed in Delaware, Scottish middle-distance runner Josh Kerr is among the biggest creditors, with the athlete owed £162,000 by GST, alongside American sprint stars Sydney McLaughlin-Levrone (£265,000) and Gabby Thomas (£186,000).

Speaking about the inaugural Ultimate Championships – a biennial event that World Athletics is staging in Budapest next year – Coe said: “We welcome innovation into the sport, we welcome fresh investment, but it has to be underpinned by a sustainable, solid financial model, executed and delivered on behalf of the athletes.

“We have to do this well. This isn’t something that can be a happy accident or ‘it’ll be OK on the night’.

“And some in this building here will be working through Christmas to make sure that we don’t let the athletes down.

“There is a responsibility to make sure that you’ve got a business plan that is solid, a plan A, and a bulletproof plan B. You’ve got to execute really well, and if you don’t, the risk is always going to be that the group you most want to take with you, the athletes, are put at risk.”

A prize pot of £7,438,988 will be on offer at the Ultimate Championships, with winners each receiving £111,582.