BK Racing to be operated by trustee after team owner loses financial control

BK Racing will be operated by a trustee as team owner Ron Devine lost financial control of the NASCAR Cup Series team in bankruptcy court Wednesday morning.

U.S. District Court Judge J. Craig Whitley appointed Matthew Smith of The Finley Group as the trustee.

“We cannot continue to [have this bankruptcy] operate in an out-of-control manner,” Whitley said in announcing his decision. He is expected to sign an official order on Thursday.

BK Racing, whose driver this year has been Gray Gaulding, will continue to field a race team as it goes through the debt reorganization as part of the bankruptcy. While the judge encouraged Devine to work with the trustee, Devine said he was unsure whether he will.