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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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Denny Hamlin posts fastest lap in Saturday morning Cup practice

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LOUDON, N.H. – Denny Hamlin had the fastest lap in Saturday morning’s Cup practice at New Hampshire Motor Speedway, leading the field with a lap of 132.942 mph.

He was followed by Ryan Blaney (132.526 mph), Martin Truex Jr. (132.462), Kyle Busch (132.406) and Kevin Harvick (132.356).

Harvick ran the most laps at 50. Harvick told NASCAR on NBC broadcaster Rick Allen in the garage that he ran so many laps to see how much the speed falls off as the tires wear. Jimmie Johnson was next with 42 laps run.

There were no incidents in the 50-minute session.

Ryan Blaney had the best 10-lap average at 131.767 mph.

Click here for the speed chart.

Start time of Sunday’s Cup race moved up to 1 pm ET

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LOUDON, N.H. – The start time for Sunday’s Cup race has been moved up to 1 p.m. ET because of the threat of rain, NASCAR announced.

NBCSN will broadcast the race. NBCSN’s coverage begins at noon ET.

The wunderground.com forecast for 1 p.m. ET Sunday calls for a 49 percent chance of scattered thunderstorms. There is a threat of rain throughout the day.

Kurt Busch won the pole for Sunday’s race.

Two Cup teams to be penalized practice time Saturday at New Hampshire

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LOUDON, N.H. – Denny Hamlin and Kasey Kahne each will miss 15 minutes of Saturday’s final practice session at New Hampshire Motor Speedway for inspection issues, NASCAR announced.

Hamlin is being penalized for failing pre-qualifying inspection twice last weekend at Kentucky. Kahne is being penalized for failing pre-qualifying inspection twice Friday at New Hampshire.

Final practice is scheduled to go from 12:35 – 1:25 p.m. ET on NBCSN.

NASCAR’s Saturday schedule for New Hampshire Motor Speedway

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Today’s schedule at New Hampshire Motor Speedway includes two Cup practice sessions and the Xfinity Series race at the “Magic Mile.”

Here’s the full schedule with TV and radio info.

(All times are Eastern)

Saturday, July 21

7 a.m. — Xfinity garage opens

8:30 a.m. – 4 p.m. — Cup garage open

10:05 – 10:55 a.m. — Cup practice (CNBC)

11:05 a.m. — Xfinity qualifying; multi-vehicle/three rounds (CNBC)

12:35 – 1:25 p.m. — Final Cup practice (NBCSN)

1:30 p.m. — Xfinity driver/crew chief meeting

3:30 p.m. — Xfinity driver introductions

4 p.m. — Lakes Region 200 Xfinity race; 200 laps/211.6 miles (NBCSN, PRN, SiriusXM NASCAR Radio)