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NASCAR Cup: trustee takes charge of BK Racing finances

DAYTONA BEACH, FL – FEBRUARY 10: Gray Gaulding, driver of the #23 Toyota, practices for the Monster Energy NASCAR Cup Series Daytona 500 at Daytona International Speedway on February 10, 2018 in Daytona Beach, Florida. (Photo by Jared C. Tilton/Getty Images)

By AMANDA VINCENT

U.S. Bankruptcy Judge J.Craig Whitley assigned Matthew Smith of the Finley Group as a trustee to Monster Energy NASCAR Cup Series team BK Racing to replace owner Ron Devine as the team’s financial decision maker. Smith also is a member of the North Carolina Motorsports Advisory Council.

“I think it’s in everyone’s best interests that this business continue in the short run,” Whitley said.

BK Racing, formerly a two-car Cup Series, team, is fielding the No. 23 Toyota for Gray Gaulding, so far, in 2018.

The race team will continue operation while the trustee decides if it is a viable business, capable of making money. If it is deemed not viable, assets, including a charter, will be sold.

“The goal is to find a way to race as long as we can,” Smith said.

BK Racing filed for Chapter 11 bankruptcy in February. Union Bank & Trust claims it is owed over $8 million, and the IRS claims over $2 million. Court documents show a loss of approximately $30 million for the race team between 2014 and 2016 and that the team has never turned a profit since its 2012 inception.

According to Smith, BK Racing’s exact assets are unknown because of incomplete records and documents not filed in court, according to an NBC Sports report.

“It’s a sad day for BK,” Devine said, as quoted by NBC Sports.

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Posted by on March 29, 2018. 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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