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NASCAR Cup: bank wants charter BK Racing sold to Front Row Motorsports

BK Racing owner Ron Devine (left) and and one of the team's former drivers, Matt DiBenedetto, in 2016 (photo courtesy of Getty Images for NASCAR)

BK Racing owner Ron Devine (left) and and one of the team’s former drivers, Matt DiBenedetto, in 2016 (photo courtesy of Getty Images for NASCAR)

By AMANDA VINCENT

Union Bank & Trust is suing Front Row Motorsports for a charter the race team purchased from BK Racing prior to the start of the 2017 Monster Energy NASCAR Cup Series and, then, leased to TriStar Motorsports for 2017, according to an ESPN report. As NASCAR only allows one-year leases, that charter has been returned to FRM for 2018.

The Virginia-based bank claims BK Racing owes it $9.1 million on a loan for which the race teams used two charters, including the one it sold Front Row Motorsports, as collateral. As a result, Union Bank & Trust claims it has the right to sell either charter and other BK Racing assets.

According to BK Racing owner Ron Devine, his race team owes Union Bank & Trust approximately $8 million and the lawsuit is the banks way of trying to force him to refinance the loan.

“They wanted to make a big stink about it so that we would react and do stuff that we don’t want to do with them,” Devine said, as quoted by the ESPN report. “We’re working on it. I actually have an agreement with them in place. They’re not going to stop until we finish, but we have an agreement that will get us cleaned back up.”

BK Racing has been embroiled in multiple financial-related controversies recently that include IRS tax liens, being on the receiving end of multiple lawsuits, and former drivers claiming they weren’t paid agreed upon amounts.

Devine claims he had the right to sell the charter he sold to FRM, because, according to him, the bank did not have rights to the No. 83 charter, the one he sold. The bank, though, claims otherwise.

“If you really believe that this bank is going to get these charters, then, the Martians are going to land in your front yard,” Devine said.

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Posted by on November 29, 2017. Filed under Breaking News,Featured,Monster Energy NASCAR Cup,NASCAR. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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