Court set to determine what the team can do with Daytona 500 earnings; Parts suppliers want guaranteed payments
Just ahead of the Daytona 500, BK Racing filed for chapter 11 bankruptcy. There was a hearing scheduled in Mecklenburg County Superior Court to determine whether or not a receiver was necessary to cease the teams assets.
The chapter 11 bankruptcy filing stalling that hearing and allowed BK Racing to temporarily continue operations. The team then found a sponsor for their Daytona 500 running with ‘Earth Water’.
At the end of the 2018 Daytona 500, Gray Gaulding put the car in the top 20! With the result, the team earned $450,000 via the biggest NASCAR race of the season.
In a hearing this morning, BK Racing is asking to use those funds to pay vendors and employee’s. The team owes $21,000 to employee’s from former racing seasons according to ESPN.