Former NASCAR Cup Series car owner Ron Devine, as well as associated companies and trusts, has been ordered to pay $31 million to the trustee handling the bankruptcy proceedings for his race team, according to a report by Bob Pockrass of Fox Sports. Devine was the owner of BK Racing, which fielded multiple Cup Series cars from 2012 to 2018.
According to Fox Sports, the $31 million judgment stems from the $6 million that BK Racing had paid to Devine-affiliated trusts and companies and $11 million in debt that a trustee claims requires reimbursement by law. A judge in the proceedings ruled that Devine did not comply with discovery procedures of financial disclosures, leading to the trustee being awarded the full amount and subsequent penalties.
Should the money be available and collected, it would go to banks that issued loans, the IRS, former BK Racing employees and others who are still owed money through approved bankruptcy claims.
Devine testified that the payments in question had often covered short-term loans and that he had done all he could to comply with requests of financial disclosures.
“I’m trying as hard as I can… to keep up with this thing. It is amazingly overwhelming,” Devine said. “… I am an honest person.”
Devine, the principal owner of BK Racing and a Burger King franchise owner, entered the Cup Series with two full-time cars in 2012 after acquiring the assets of Red Bull Racing. While the team only had limited success, BK Racing was notable for launching the careers of several young drivers, including Alex Bowman, Matt DiBenedetto and Corey LaJoie.
Three days prior to the 2018 Daytona 500, BK Racing filed for Chapter 11 Bankruptcy after experiencing major financial issues, with Devine being stripped of team ownership in favor of a trustee. The assets of the team were sold mid-season to Front Row Motorsports, which fielded BK Racing’s No. 23 for the remainder of that season.
BK Racing had three top 10 finishes in team history, with their best being a sixth-place run by DiBenedetto at Bristol in the spring of 2016.