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BK Racing court filing reveals expenses, revenue for each race

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Court documents filed Thursday show that BK Racing made a net income of $359,619 through the Phoenix Cup race.

The documents are part of BK Racing’s Chapter 11 bankruptcy case. The team filed Chapter bankruptcy Feb. 15.

COURT DOCUMENTS: Click here to view the BK Racing filing

MORE: Peek into race purses under charter system

A hearing Thursday afternoon in U.S. Bankruptcy Court, Western District of North Carolina, on a motion by Union Bank & Trust to have a trustee take over the team’s operations was continued until Wednesday. BK Racing car owner Ron Devine was on the stand for more than two hours.

The bank claims it is owned more than $8 million in loan payments and seeks to have a trustee oversee BK Racing’s finances “to an end to the Debtor’s years of mismanagement,’’ according to court documents from the bank.

In its motion to appoint a trustee, Union Bank filed documents stating that the team lost nearly $30 million from 2014-16.

The updated budget filed Thursday on behalf of BK Racing breaks down income and expense for each of the first four points races and anticipated income and expenses the rest of the season.

The document shows that BK Racing had $50,000 sponsorship for the Daytona 500, $10,000 sponsorship each for the Atlanta and Las Vegas races and $30,000 sponsorship for the Phoenix race.

BK Racing listed prize money as:

$29,946 for its qualifying race at Daytona

$428,794 for finishing 20th in the Daytona 500

$91,528 for finishing 36th at Atlanta

$98,754 for finishing 33rd at Las Vegas

$82,000 for finishing 34th at Phoenix

The high payout for the Daytona 500 has given BK Racing more than $350,000 in net income. For other races, though, the team’s net income has been small.

At Phoenix, the team listed a net income of $790.

The team had $120,250 in revenue for the Phoenix weekend. It was broken down this way:

$82,000 in prize money

$30,000 in sponsorship

$8,250 in other revenue

The team listed $119,460 in expenses that weekend. Among the team’s expenses for Phoenix:

$35,000 for its engine lease

$21,000 for salary and wages

$10,525 for airfare for team personnel

$9,000 for tires

$9,000 for contract payroll

Those expenses alone totaled $84,525, exceeding what the team made in prize money and showing how important sponsorship is in the sport.

BK Racing provided a budget for the remaining races. The team’s budgeted expense was more than $103,000 for every race. That included everything from engine lease and tire bills to hotels, meals, salary and wages, entry fees, insurance, payroll taxes and more.

The most expensive race is the Daytona 500 at $135,502, which included an engine lease of $50,000. Next listed was Auto Club Speedway at $125,606, which included $9,500 in airfare and $10,000 in tires.

BK Racing’s prize money estimates on remaining races is based on a 30th-place finish in each event.

BK Racing lists its sponsorship budget for future races as $50,000 per race, progressing to $100,000 and to $150,000 for the final 13 races. That would give the team a sponsorship budget of $3.505 million.

Court documents filed by Union Bank & Trust show that BK Racing collected $1.5 million in sponsorship in 2016 and $1.05 million in sponsorship in 2015.

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NASCAR announces changes to Kansas playoff weekend

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Citing “programming changes,” NASCAR announced shifts in the race dates and start times for its visit next month to Kansas Speedway.

The Xfinity, ARCA and Truck Series races have been shifted, while the Cup race remains at 2:30 p.m. ET Sunday, Oct. 18.

The biggest move is the Truck Series race shifting from Friday night to Saturday afternoon.

Here are the changes.

Friday, Oct. 16, 8:30 p.m. ETARCA Menards Series on FS1 or FS2; network TBD at a later date (previously at 10 p.m. ET)

Saturday, Oct. 17, 4 p.m. ETTruck Series on FOX (previously Friday, Oct. 16 at 7 p.m. ET on FS1)

Saturday, Oct. 17, 7 p.m. ET Xfinity on NBCSN (previously 3 p.m. ET on NBCSN)

 

Xfinity Series playoff standings after Las Vegas

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Chase Briscoe opened the Xfinity Series playoffs by earning his second consecutive win.

His victory Saturday at Las Vegas Motor Speedway gives him 57 playoff points and an automatic spot in the Round of 8.

Harrison Burton holds the final transfer spot. He has a two-point advantage over Ross Chastain.

Behind Chastain below the cutline are Michael Annett (-10 points), Riley Herbst (-14) and Brandon Brown (-20).

Below is the full Xfinity Series playoff standings going into Saturday’s race at Talladega (4:30 p.m. ET on NBCSN).

Drivers in red are below the cutline to advance. Drivers in yellow are in the remaining playoff spots.

Xfinity Series playoff standings

Cup playoff standings after Las Vegas

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Kurt Busch flipped the script on the Cup playoff standings with his win Sunday at Las Vegas Motor Speedway.

He entered the Round of 12 as the last driver in the playoff standings, but is the first driver to clinch a spot in the Round of 8.

Replacing Busch in the bottom spot of the playoff standings is Austin Dillon. He is 32 points behind Alex Bowman, who holds the final cutoff spot.

Behind Bowman is Kyle Busch (-9 points), Clint Bowyer (-20), Aric Almirola (-27) and Dillon.

“Obviously, the 1 car (Kurt Busch) was not a car that we needed to win a race,” Clint Bowyer said after Sunday’s race. “It’s been a hell of a battle back there with cars that are kind of in the same wheelhouse as far as points-wise. (Kurt Busch) winning changes that landscape quite a bit, but we’re only 20 points out.”

Here is the full playoff standings entering Sunday’s playoff race at Talladega Superspeedway (2 p.m. ET on NBC).

Drivers in red are below the cutline to advance to the Round of 8. Drivers in yellow hold the remaining available playoff spots.

Cup playoff standings

 

 

Kurt Busch win capped off big racing weekend for family

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After hopping from the door of his No. 1 Chevrolet Sunday night, Kurt Busch let out a primal scream.

The source of his emotion?

“20 years of agony and defeat” at the his home track, Las Vegas Motor Speedway, had been replaced by “triumph.”

After the fortunate timing of a caution and pit strategy Sunday night, the Chip Ganassi Racing driver led the final 26 laps and visited LVMS’ Victory Lane for the first time, a day after his brother Kyle Busch experienced a special win.

There was plenty more for the 42-year-old driver to celebrate. He’d entered the Round of 12 as the last driver in the playoff standings. But with his first win in 46 races, Busch became the first driver to plant in his flag in the Round of 8.

But the Las Vegas native’s focus was on the 1.5-mile track, which he’d seen evolve from a “desert gravel pit” into the site of two NASCAR race weekends each year.

“This feeling of growing up here and watching the track get built … when Speedway Motorsports came in and bought it, I’m like, ‘Man, there’s going to be a Cup race there, I hope I can make my way up through Legend cars (and race there). And just all the memories, all the memories of everybody, my mom and dad, every Saturday night, all the commitment they gave me and my little brother (Kyle Busch) to make it in racing.

“For me it was a hobby. I never knew I’d get this far. A guy named Craig Keough here locally in Las Vegas, the owner of the Star Nurseries here in Las Vegas, took a chance on me and let me run his late model a few times and we won a couple races and started working our way up.”

Busch made his first NASCAR start on the Las Vegas oval in 2001 driving for Roush Fenway Racing. Between then and Sunday, he won 31 Cup races, the 2004 championship and the 2017 Daytona 500.

But his home track eluded him until his 21st year competing on the sport’s top circuit.

Busch said Sunday’s win is “right there underneath” his Daytona win and the championship.

“Any time you win, it’s special,” Busch said. “But to do it in front of my hometown crowd and nobody was there (due to the COVID-19 pandemic) and all the people that I see every time I come to Vegas and I get to say thank you and I can’t right now, that’s the hardest part. So this one is easily ramping up to being my third most favorite win ever.

“Right now it’s my favorite because it’s here, it’s Vegas, and I have so many people to thank. They know they helped me, and they know who they are, and it just all started with mom and dad taking me to the racetrack right here at the Bullring in Las Vegas.”

The Busch family got to celebrate more than one win over the weekend.

The night before Kurt’s Vegas breakthrough, a third generation racer got his first taste of victory.

Kyle and Samantha Busch’s son, Brexton, won his first karting race and celebrated with his parents in Victory Lane.

“It’s so much fun to watch him and just to see his excitement and how much he enjoys going to the race track and being with is friends,” Kyle Busch said after his sixth-place finish Sunday. “It’s three generations worth, I guess. My dad (Tom) did it, myself and Kurt and now him. It’s pretty fun to just be out there. My dad is kind of the truck driver, the team manager, the crew chief, the lead mechanic and all that stuff on his kart.

“He’s got a big task at hand in order to get it all ready to go and get us to the race track every week. It’s been fun to see (Brexton) and to see how excited he was when he was able to win and beat the other competition that was out there and to see his joy. I told him, ‘Whatever that feeling is, whatever you’re feeling, however that sits in you, that’s feasible, that’s possible a lot more often than just one time. So don’t rest on just getting one, we gotta go out there and fight for more.'”

Kurt Busch wasn’t there for his nephew’s win, but he got all the details from his sister-in-law as they flew to Las Vegas.

“It definitely felt like a generational shift was happening,” he said. “But maybe not. Maybe not. This old guy has still got it going on.”