NASCAR: Ron Devine loses control of BK Racing team
By Alex Herbst
![RICHMOND, VA - APRIL 22: Matt DiBenedetto, driver of the #83 E.J. Wade Construction Toyota, and BK Racing owner Ron Devine speak with media before a practice for the NASCAR Sprint Cup Series TOYOTA OWNERS 400 at Richmond International Raceway on April 22, 2016 in Richmond, Virginia. (Photo by Matt Hazlett/Getty Images) RICHMOND, VA - APRIL 22: Matt DiBenedetto, driver of the #83 E.J. Wade Construction Toyota, and BK Racing owner Ron Devine speak with media before a practice for the NASCAR Sprint Cup Series TOYOTA OWNERS 400 at Richmond International Raceway on April 22, 2016 in Richmond, Virginia. (Photo by Matt Hazlett/Getty Images)](https://images2.minutemediacdn.com/image/upload/c_fill,w_720,ar_16:9,f_auto,q_auto,g_auto/shape/cover/sport/92e18ac8e18ed014d50b4550483741f8c536531ed9b6e9bdde6636720d2ae41b.jpg)
BK Racing has been placed under the control of a court-appointed trustee, as the NASCAR team owned by Ron Devine battles over bankruptcy proceedings.
The saga of NASCAR Cup Series backmarker BK Racing continues. Owner Ron Devine filed for bankruptcy earlier in 2018, fueling speculation that the former multi-car operation would fold and not field an entry in the new year. Heading into the Easter break, the team was dealt another blow in bankruptcy court, as a trustee will take over responsibilities for the organization, putting its future in further jeopardy.
Matthew Smith of The Finley Group has been appointed by U.S. District Court Judge J. Craig Whitley to operate the #23 Toyota while court proceedings continue. The court additionally encouraged those owed money by BK Racing to file claims with the court. Major creditors of the team include Union Bank and Trust, the Internal Revenue Service (IRS), and Race Engines Plus.
Ron Devine had this to say about the court’s decision and his future with the team, according to ESPN:
"I’m disappointed, obviously. We’ll see. … I don’t know if I will stay involved in it or go in another direction.You’re trying to figure out whether to put [in] a trustee? It’s a disservice. Devine said in his testimony. Not only to me and my $35 million that I’ve invested, but to the people sitting out there trying to get paid.All they want to do is capture my charter and move it."
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The court nor the team’s creditors are not expected to push BK Racing to convert from Chapter 11 Bankruptcy Protection to Chapter 7 Liquidation, as this would force the team to forfeit their NASCAR charter and the guaranteed purse money that comes with it. In any case, should the team miss more than two consecutive races, series officials reserve the right to pull the charter anyway.
NASCAR released the following statement regarding BK Racing’s current state:
"We have a clear process around charter member governance. It is incumbent upon charter members to be ready to race and compete at the highest level."
Currently, BK Racing operates the #23 Toyota driven by Gray Gaulding. At its peak, the team operated as many as four cars at one time. Former drivers include Landon Cassill, David Reutimann, Alex Bowman, Robert Richardson Jr., Jeb Burton, Cole Whitt, Corey LaJoie, Matt DiBenedetto, and Ryan Sieg. The team rose from the ashes of the former Red Bull Racing Team, which left NASCAR after the 2011 season.
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Do you think BK Racing will continue to race throughout the rest of the 2018 season? Will Ron Devine regain control of the team, or will it be sold off or liquidated?