World Athletics president Seb Coe says soon-to-be bankrupt track league could simply be barred from resuming its events in future.

World Athletics president Seb Coe says the global governing body has the power to prevent Grand Slam Track from returning even if the controversial pro track league pays off its debts.

Michael Johnson, who runs the league, has insisted that despite "significant challenges... I refuse to give up on the mission" of the failed project, with GST filing for bankruptcy last week amid millions of dollars being owed to creditors.

When asked about the situation on Tuesday (Dec 16) during an end-of-year media call, 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.”

He added: “We create the calendar. We have to police the calendar. And we have to make sure that when there are fresh events, that they come to the table with the kind of credentials and assets that I talked about.

“Over the next few years, there are going to be lots of different and new things and I welcome that. But it has to be suffused in a realistic proposition that is fireproof. It’s got to be sustainable.”

READ MORE: Big name athletes owed by Grand Slam Track

In comparison to the Grand Slam Track fiasco, Coe says the new World Athletics Ultimate Championships, which will launch in Budapest in ­September, will be different and no happy accident with 20 staff currently working on it.