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BK Racing to be sold Aug. 20; Ron Devine plans to bid for team

Discussion in 'NASCAR Discussion' started by thedude1987, Jul 26, 2018.

  1. thedude1987

    thedude1987 Happy Husband, proud papa, racer, and designer!

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    CHARLOTTE, N.C. — BK Racing owner Ron Devine said during a bankruptcy court hearing Thursday that he plans to make a bid to reclaim his NASCAR Cup team.

    A bankruptcy judge approved a plan for BK Racing to be sold Aug. 20 (with bids due Aug. 13). A hearing is scheduled Aug. 21 so the court can approve the winning bidder.

    There is a bid for $1.8 million for the team from Mike Beam, president of GMS Racing. Bids will start from there for BK Racing. Joining Beam in court Thursday as an observer was GMS Xfinity driver Spencer Gallagher.

    Devine put BK Racing in Chapter 11 bankruptcy on Feb. 15. He said a day later that he made the move to prevent Union Bank and Trust, which claims it is owned more $9 million, from taking over the team and selling the charter. The IRS also claims it is owed money, along with several other groups and individuals.

    A trustee was approved by the court to oversee the team, removing Devine from power, on March 28. The trustee has since determined that selling the team is the best route.

    Trustee Matthew Smith defended his reasoning for selling the team on Tuesday by telling the court: “One of the reasons, and I know that Mr. Devine is in the room and probably doesn’t want to hear this, but I think one of the reasons this team is in trouble is it had the wrong owner. So I believe the right owner, transition of ownership, would be the best thing for this team.”

    Smith provided testimony on Tuesday that “the cash flow (for the team) is exceptionally tight.”

    He also said on the stand: “My current cash forecast … does show sufficient cash if I needed to go to the end of the season. I do not have the ability to run much past the end of the season.”

    Smith said in court that since news of the plan to be sold, he has heard from 29 parties interested in BK Racing.

    In court Thursday, Devine blamed the bank for the move to sell the team next month.

    “It’s a fire drill …. driven by the bank,” Devine said.

    BK Racing debuted in Cup in 2012. Among those who have driven for the team are Landon Cassill, Alex Bowman, Ryan Truex, Matt DiBenedetto, David Ragan, Corey LaJoie and Gray Gaulding.

    The organization has three career top-10 finishes. The organization is running only the No. 23 car this season. That car ranks 34th among the 36 charter teams in owner points.

    Follow @dustinlong and on Facebook
     
  2. jacobc62

    jacobc62 The OG NASCAR Tiger.

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    He didn't have the money to operate the team, so how does he expect to have the money to repurchase it?
     
  3. Thunder98

    Thunder98 Same shit, different day. Admin

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    Mike Beam, come on down! You're the next contestant on Own this Trainwreck Team!
     
  4. ayrwolf

    ayrwolf Well-Known Member

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    Remember that even if Mr. Devine is the high bidder the bankruptcy trustee must approve him as an owner. His chances are worse than slim and none
     
    MrDude68 likes this.
  5. canadienhits

    canadienhits The Dominator, Cup champ.

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    Can't they just put Ron Devine out of his misery already?
     
  6. Tetronix

    Tetronix Winner of Most Pepsi Consumed in a Year

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    I don't think anyone in the legal system will let Ron Devine within 10 feet of those assets. They know that he can't afford to run the team, so they will keep him as far away from that whole process as they can.

    What an idiot though, like c'mon. I just laugh and shake my head when it comes to him.
     
  7. Bradfan4ever

    Bradfan4ever Keselowski2Wallace

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    if he has the money to re-buy his own team, why doesnt he just start another team... oh wait, nevermine its Devine....smh
     
  8. BrendonH12

    BrendonH12 Lover of Jesus!

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    Entry list for the Glen has Gallagher in the #23 with sponsorship from Allegiant... Looks like Beam just might pick this a"team" up.
     
    Wacky Racers likes this.
  9. canadienhits

    canadienhits The Dominator, Cup champ.

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    GMS already announced in a tweet that Allmendinger would be in the 23, with ISM.
     
  10. ahspencer01

    ahspencer01 yikes

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    He's talking for Cup Gallagher is in the 23.
     

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