“IRS Let Him Slide”: Shockwaves Spread Over as $31 Million Punishment Against Former NASCAR Cup Series Owner Materializes

Ghosts from the past are always disturbing and unsettling. As yet another piece of news from the NASCAR world surfaces, it looks like there is trouble for the former owner of BK Racing, Ron Devine.

BK Racing’s active participation in NASCAR Cup Series was seen between 2012 to 2018. During this time, BK Racing paid $6 million to companies and trusts affiliated with Ron Devine. Another $11 million was paid in debt to the companies and trusts. In February 2018, the team filed for Chapter 11 bankruptcy owing to financial troubles, three days before the 2018 Daytona 500.

Ron Devine, a Burger King franchise owner and previous co-owner of BK Racing, was recently ordered to pay $31 million to the trustee overseeing the bankruptcy proceedings, according to FOX News on Twitter. Through accepted claims of bankruptcy, the connected firms and trusts will also be required to pay the bank that sanctioned the loans, the IRS, the employees, and other entities that are still owed money.

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NASCAR insider shares his take on the court order 

The American autosports journalist Bob Pockrass needs no introduction. He has been reporting on NASCAR from the very beginning of his career and is also a fan favorite. He took to Twitter recently and posted, “Ron Devine & associated companies/trusts have been ordered to pay $31M to the trustee handling BK Racing bankruptcy. The $$, if available/collected, would go to banks that issued loans, IRS, employees, others still owed $$ through approved claims of the BK Racing bankruptcy. “

Continuing the post, he further added, “$31M judgment stems from $6M BK Racing paid to Ron Devine affiliated trusts/companies & $11M in BK debt that trustee claims law requires reimbursement. Judge ruled Devine didn’t comply with discovery procedures of financial disclosures so awarded full amount & penalties. Ron Devine had testified that payments in question often covered short-term loans & he did all he could to comply with requests of financial disclosures: ‘I’m trying as hard as I can … to keep up with this thing. It is amazingly overwhelming. … I am an honest person.'”

The response from the fans was not unanimous and largely speculative. It is noteworthy that responding to Pockrass’s tweet, a former insider at BK Racing insinuated that Devine was even more culpable and that IRS had let his transgressions slide.  

Ron Devine and BK Racing

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The Burger King franchise owner joined hands with a few other investors and founded BK Racing in 2012, which also allowed him to advertise the brand on the cars when there was no outside sponsor. There were various speculations around the color scheme, numbers, and brand logos on the car. They entered the Cup Series with two full-time cars after acquiring the assets of the Red Bull Racing team. BK Racing was notable for launching the careers of several young drivers, including Alex Bowman, Matt DiBenedetto, and Corey LaJoie. They had three Top 10 finishes, with their best being a sixth-place finish by DiBenedetto at Bristol in the spring of 2016.

The NASCAR community will be closely watching how Ron Devine responds to the court order. Do you consider the judgment to be harsh, or did Devine have it coming to him? Do share your thoughts below.

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