CHARLOTTE, N.C. — The judge overseeing BK Racing’s bankruptcy case reminded team owner Ron Devine that he has no management role at this time and that a court-approved trustee is in charge of the team.
The comments came during a status hearing Tuesday in federal court.
BK Racing filed Chapter 11 bankruptcy Feb. 15. Devine said Feb. 16 the bankruptcy filing was made to keep Union Bank & Trust from potentially getting the team’s charter. The bank claims that BK Racing owes it more than $8 million.
A trustee was assigned to the team March 28.
Devine asked the court for access to a camera system in the race shop that he can monitor on a mobile device to show potential investors or sponsors what takes place there and better understand the sport.
The attorney for trustee Matthew Smith noted that Devine has met potential sponsors and investors, creating a question of who is in charge of the team.
Devine said in court: “It’s new to me our relationship has deteriorated. … I’ve tried not to be disruptive. … I’ve taken a lesser role. Even at the Dover race I didn’t wear a headset.’’
Judge J. Craig Whitley told Devine: “Bottom line, the trustee is running the race team.’’
The judge told Devine that he had no management rights and if that was unclear from before, he apologized.
Also in court Tuesday, the trustee presented a budget through June 24 for the team. No details were revealed in court.
BK Racing, which has Gray Gaulding as driver, is 35th in owner standings. Gaulding is coming off a 30th-place finish at Dover. His best finish this season is 20th in the Daytona 500 and at Texas Motor Speedway. His average finish this season is 30.1.