DAYTONA BEACH, Fla. — BK Racing owner Ron Devine said he hoped his team’s Chapter 11 bankruptcy is a quick reorganization process and that his plan is to race the entire 2018 NASCAR Cup season.
"I’ll see you in Homestead," he said, referring to the final race of the year.
BK Racing filed for bankruptcy Thursday, less than 30 minutes before a hearing scheduled to consider a Union Bank & Trust request to appoint a receiver to take over the assets of the team. Those assets would have included the BK Racing charter, which guarantees a team a spot in every NASCAR race as well as a minimum amount of revenue for participating, plus a share based on the last three years’ performance.
Devine said he has been negotiating with the bank, negotiations he characterized as progressing well in the past week, and is hopeful they can come to an agreement. According to a temporary restraining order obtained by the bank last month to keep Devine from selling any assets, the bank had established Devine owed it more than $8 million.
— ESPN —