Good news for BK Racing.
ESPN is reporting that Union Bank and Trust has asked for a postponement of a receivership hearing until February 15, meaning that BK can race at the Daytona 500.
Union Bank and Trust is seeking a receiver to operate the team, according to an ESPN report. By doing so, the bank could then sell or lease BK’s charter. which would recoup some of the money the bank says the team owes.
The bank claims BK owes it more than $7 million, and the North Carolina Department of revenue has already seized $210,000 in assets.
ESPN reported that a temporary restraining order is still in effect, so team owner Ron Devine can’t sell any assets or his charter.
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:
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.
“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.