Judge orders Ron Devine to pay back $31M following BK Racing bankruptcy
BK Racing is a former NASCAR Cup Series team that ran up debts totaling $44,295,884. The team was then taken over by the courts and sold to pay off the debt.
Following the 2018 season, BK Racing closed their doors. Team founder Ron Devine filed for Chapter 11 bankruptcy.
The team was founded in 2012 and operated out of Charlotte, North Carolina.
Now, Ron Devine has been order to pay $31M to the trustee handling BK Racing bankruptcy.
If/when funds are collected they would be distributed to the banks that issued loans, the IRS, employees and others who have issued claims to the court.
The judge ruled that Ron Devine did not fully disclose finances. BK Racing paid $6M to trusts and companies affiliated with Devine.
Devine has stated that funds went to short term loans and interest payments.
BK Racing fielded the No. 23, No. 83, No. 26 and No 93 in the NASCAR Cup Series.