Michael Johnson hopes new competition will revolutionise track and field

Forty-eight athletes will be contracted to the league and commit to racing in all four 'Slams', while 48 more will receive a set appearance fee for competing in individual competitions.

COMMISSIONER: FOur-time Olympic gold medallist Michael Johnson.  (Photo by Pablo Cuadra/Getty Images for Laureus)

Former Olympic champion Michael Johnson has vowed to revolutionise track and field with the launch of a new competition, Grand Slam Track.

The format will see four annual 'Slams' from next year, two of which will be staged in the United States, and which Johnson says will keep the sport "at the forefront of the sporting world year round".