Bank reportedly asks judge to sell off all of BK Racing’s assets

A bank asks a judge for a ruling that would put a NASCAR Cup Series team out of business
Matt Hazlett/Getty Images

This is potentially, very bad news for BK Racing.

Union Bank and Trust wants a federal court judge to order BK Racing to forfeit all of its assets, according to a report by Bob Pockrass of ESPN.

Specially, the bank has asked the judge to appoint a receiver to take over all of the team’s property. The bank claims BK owes it more than $7 million, and the North  Carolina Department of revenue has already seized $210,000 in assets.

Not only that, Classic Auctions, on its website, says it’s auctioning off three haulers and a car that belonged to BK to cover unpaid tax bills. Here’s the notice on the auction website:

Classic Auctions screen shot

And here are photos of the haulers and cars:

It’s worth noting that, last month, there was a report that the haulers were seized, but team owner Ron Devine denied the report.

Union Bank & Trust also claims that BK Racing owes it money on a loan that included two charters as collateral. The bank claims it has the rights to the charter for BK Racing’s No. 83 car.

Front Row Motorsports bought the No. 83 charter, and they leased the charter to TriStar Motorsports. Cole Whitt drove the No. 72 car for the 2017 season.

Teams can only lease a charter for one year, so the charter now belongs to Front Row Motorsports unless the court determines otherwise.

Drivers of the 36 charter teams automatically have a spot in the Daytona 500, which leaves four spots for non-charter teams.

Devine, in the past, has downplayed the issues.

Read also:
BK Racing files for bankruptcy

“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. “We’re working on it. I actually have an agreement with them in place.

“They’re not going to stop [the lawsuit] until we finish, but we have an agreement that will get us cleaned back up.”

Devine claims the bank doesn’t have the rights to the No. 83 charter, but Devine said he isn’t concerned about the issue.

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