Union Bank & Trust vs BK Racing – NASCAR Charter dispute
Front Row Motorsports recently purchased a charter from BK Racing. They just paid $2 million to have the charter in place ahead of the 2017 season. The charter was then leased to TriStar Motorsports for 2017. NASCAR allows teams to lease a charter, for one year. In 2018, Front Row Motorsports would need to use the charter for an in house machine.
Union Bank & Trust in Virginia has issued a lawsuit, filed in North Carolina Superior Court. Union Bank & Trust is using the court system in an attempt to declare ownership of the charter.
The court documents claim that BK Racing owes UB&T $9.1 million. They claim two charters were used as collateral for loans. BK Racing currently holds ownership of the other charter in question, it was used for the #23 car.
If the court rules in favor of the bank, it would likely effect the starting grid in 2018. Front Row Motorsports might be required to hand over ownership of their purchased charter. The bank could then sell the charter to a different team or the same team.