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BK Racing to be sold to satisfy creditors

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CHARLOTTE, N.C. — BK Racing will be sold, the court-approved trustee operating the team said after a hearing Tuesday. Discussions are underway.

“We’re selling a race team, we’re not just selling a charter,’’ said Matt Smith, the trustee operating the team while it is in Chapter 11 bankruptcy. “So the charter is the largest asset in this case but it’s not the only asset. This is a viable race team and we’re trying to prove that each and every week. We’re meeting obligations of NASCAR by showing up and competing in good faith.

“This isn’t just a liquidation. What brings the best result to all creditors is the sale of a race team not just the sale of an asset.”

Smith would not reveal any potential suitors but said: “We’re looking at buyers that we would think do right by this team, that would be good for NASCAR, good for creditors and good for the employees. We’re looking for the right buyer that has the right offer for this team.”

Smith said that there have been conversations with “parties about their interest and trying to understand what their interest is and how they might be interested in putting an offer together.”

Any sale would have to be approved by the court and the trustee would have to show that he got the best price for the sale. Smith had no timetable for when the sale could be completed but said it would be “as soon as it is practical and works for the buyers and works for the requirement of the bankruptcy court.” Smith said that any buyer would get the team and not the liabilities the team faces.

“I think there needs to be a change in ownership in the team, and I think this process will do that,” Smith said. “I’m working really, really hard to make sure we get the right outcome for this team.”

Ron Devine was among those who started the team. BK Racing made its Cup debut in 2012. Devine had been a part of the ownership since. With mounting bills, including $9.25 million owed to Union Bank & Trust, BK Racing filed for Chapter 11 bankruptcy on Feb. 15, three days before the Daytona 500. Devine said he made the filing to keep the bank from taking control of the team’s charter and selling it to reclaim money from loans owned.

Smith was approved by the court on March 28 to take over as trustee and operate the team, relieving Devine of his duties.

Gray Gaulding has driven the team’s No. 23 car all season. Gaulding finished 31st Sunday at Michigan International Speedway. The team is 35th in the car owner standings and ranks ahead of only one other team that has a charter.

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NASCAR Hall of Famer Glen Wood passes away

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Wood Brothers Racing patriarch Glen Wood, who was inducted into the NASCAR Hall of Fame in 2012, died Friday. He was 93.

The team announced his passing Friday morning on social media.

Wood was a link to NASCAR’s early years.

A former driver – he won four times at Bowman Gray Stadium in Winston-Salem, N.C. – Glen Wood founded the Wood Brothers Racing team with brothers Leonard and Delano. In Wood’s first win at Bowman Gray Stadium in April 1960, he beat a field that included former champions Richard Petty, Rex White, Ned Jarrett and Lee Petty. Wood’s history also includes seeing Tim Flock race with a monkey and having Ralph Earnhardt drive convertible and sportsman cars for the team.

His racing career nearly ended as soon as it started. Wood and a friend paid $50 for a 1938 Ford coupe to go racing. The Stuart, Virginia, native ran his first race at a track near Martinsville. During the heat race, his car was hit and bent the rear-end housing. After the race, Wood and his friend hooked the race car to the vehicle they were driving and headed home.

But on the trip, the axle eventually broke, and the damage caused spilling fuel to ignite. The fire engulfed the back of the race car.

“Every once in a while one of them (gas cans) would blow up, and we would be afraid to get close to it because of that,” Wood recalled in a 2011 interview. “Finally we got it unhooked and got the car away from (the one pulling it) and let it burn because we couldn’t do anything about it.”

They salvaged the engine and repaired the car. A few weeks later, Wood was back racing.

While Leonard is often credited as the father of the modern pit stop, Glen was equally as responsible. The two developed a communication and strategy plan that was one of the best in NASCAR for several decades.

Wood Brothers Racing, which has 99 Cup victories, remains the oldest continuous racing team in NASCAR. Among the drivers that have raced for the team are Hall of Famers David Pearson, Curtis Turner, Junior Johnson, Joe Weatherly, Fred Lorenzen, Cale Yarborough, Dale Jarrett and Bill Elliott.

Born on July 18, 1925, Glen retired as a driver at the age of 39, assuming full-time duties as the team’s chief administrator, a role that he handled for nearly 30 years before relegating the role to sons Eddie and Len.

Through the years, Wood’s name mysteriously changed. His birth certificate lists his first name as Glenn, but somewhere along the way the last letter was dropped.

Wood received the colorful nickname of “Wood Chopper” early on for how he used to cut timber at a Virginia sawmill. But when Glen started racing, that nickname followed him and became somewhat of a calling card for his winning ways.

“When he pulled into a racetrack, and the announcer would say, ‘Here comes the Wood Chopper from Stuart, Virginia,’ you knew you had a challenger that night,” Ned Jarrett, a fellow NASCAR Hall of Famer, said of Glen Wood in a 2012 NASCAR Hall video of Glen Wood’s career. “Glen Wood, he was the master.”

Kyle Petty, who drove for the Wood Brothers during his career, was a Hall of Fame voter when the group discussed who to induct in the 2012 class. Behind the closed doors, Petty made an impassioned speech for the voters to select Wood for induction.

“I think people forget the breadth of somebody’s career sometimes when it spans as long as his,” Kyle Petty said that day in 2011.

In a statement, Edsel B. Ford II, member of the Board of Directors for Ford Motor Company, said of Wood’s passing:

“This is a difficult day for all of us at Ford Motor Company. Glen Wood was the founding patriarch of the oldest continuously operating NASCAR Cup Series team and we consider Wood Brothers Racing a part of our family, the Ford Family. The Wood Brothers race team, by any measure, has been one of the most successful racing operations in the history of NASCAR. Most importantly for our company, Glen and his family have remained loyal to Ford throughout their 69-year history.

“Glen was an innovator who, along with his family, changed the sport itself.  But, more importantly, he was a true Southern gentleman who was quick with a smile and a handshake and he was a man of his word.   I will cherish the memories of our chats in the NASCAR garage, at their race shop in Mooresville or the racing museum in Stuart.  My most memorable moment with Glen was with he and his family in the #21 pit box watching Trevor Bayne win the 2011 Daytona 500 and the celebration that followed in victory lane.”

Jerry Bonkowski contributed to this report

Friday 5: Key questions leading into 2019 Cup season

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Cup teams test in two weeks in Las Vegas. The Daytona 500 is a month away. The new rules package debuts in five weeks in Atlanta.

There are many questions to ponder with the Cup season nearing. Here are five key questions.

1. What will the racing be like?

NASCAR made the decision to go with a new rules package that should make the racing tighter.

Will it? Can this package lead to more side-by-side racing, more beating and banging and more drivers upset with one another?

If it does, this could be among the steps to attract more fans. If not, then what?

2. What’s next from NASCAR?

It could be argued that this year will be among the most pivotal for NASCAR.

Steve Phelps enters his first full season as President. Jim France remains interim Chairman, having taken over after Brian France went on an indefinite leave after his arrest Aug. 5 for aggravated driving while intoxicated and possession of a controlled substance in the 7th degree.

Phelps and Jim France will be among those who decide NASCAR’s direction. Phelps has twice said publicly since late September that “everything is in play” when looking at the Cup schedule for 2020 and beyond.

There has been talk of starting the season earlier and ending it sooner, midweek racing and doubleheaders.

How fans accept what NASCAR does — or doesn’t do — will be key.

3. Can Ford teams — particularly Stewart-Haas Racing and Team Penske — avoid the new-car blues that Toyota and Chevrolet teams experienced the past two years?

Both Toyota (2017) and Chevrolet (2018) struggled at times with their new cars in their debut seasons. If the same thing happens to Ford this year with the Mustang, it could allow Chevy and Toyota teams a chance to win races, qualify for the playoffs and build playoff points. That could be significant.

Toyota debuted the Camry in 2017 to mixed results. Although Martin Truex Jr. won three times in the first 18 races with the car at Furniture Row Racing, Joe Gibbs Racing could not get any of its Toyotas to Victory Lane until the 19th race of the season.

Things changed in the second half of the season. Toyota cars won 14 of the last 19 races and also the championship.

Chevrolet debuted the Camaro last year and also struggled in the first half of the season. Chevy teams won once — the Daytona 500 — in the first 21 races last year. Chevrolet won three times after that — all by Chase Elliott.

So can Ford teams be strong all season or will they need some time to become dominant or will they struggle much of the year?

4. Will new driver-crew chief pairings lead to wins?

The focus this season will be on Jimmie Johnson and Chad Knaus no longer working together on the No. 48 team — Johnson will be with rookie Cup crew chief Kevin Meendering and Knaus will be paired with sophomore Cup driver William Byron — but there are other pairings to watch.

After going winless last year, Denny Hamlin will be with crew chief Chris Gabehart, who has won in the Xfinity Series with Hamlin, Erik Jones and Ryan Preece.

Kurt Busch moves to Chip Ganassi Racing for what could be his final Cup season. He’ll look to crew chief Matt McCall to help make this year memorable.

Austin Dillon is reunited with crew chief Danny Stockman. They combined for championships in the Truck and Xfinity Series. While Dillon won last year’s Daytona 500, he wasn’t much of a threat at many other tracks. Can this pairing have success again?

Daniel Suarez lost his ride at Joe Gibbs Racing to make room for Martin Truex Jr. and Cole Pearn. Suarez moves to Stewart-Haas Racing and looks to crew chief Billy Scott to help him succeed.

Ryan Newman moves to Roush Fenway Racing and will have Scott Graves as his crew chief. Graves came from Joe Gibbs Racing. Can these two help raise Roush Fenway Racing’s profile?

5.  Who wins first?

It was shocking that Jimmie Johnson, Denny Hamlin and Kyle Larson each went winless last year.

Don’t count on that happening this year. Don’t be surprised to see all three win this year. As for who will be the first to win? You don’t have much longer to find out. The season is approaching quickly.

Christopher Bell wins Chili Bowl preliminary race

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Justin Allgaier placed 13th in the 24-car field.

Even though he is in position to win a third consecutive Chili Bowl title, Bell says he has work to do.

“I kind of felt rusty tonight,” Bell said in the press conference afterward. “I don’t know why that was. … The longer you’re on top, the harder it is to stay there and the easier it is to lose. I’m going to do my best to try to figure out why I didn’t feel as good as I normally do and why I didn’t run as good of a race as I normally do.”

Golobic noted the challenges of racing against Bell.

“It’s kind of frustrating to race with Christopher sometimes, he’s just so darn good,” Golobic said in the press conference. “I think he’s the best there is hands down right now in a midget.”

Karsyn Elledge, daughter of JR Motorsports co-owner Kelley Earnhardt Miller, was collected in an incident in her B main and finished 11th. She won her heat earlier in the evening, finishing ahead of Golobic.

MORE: Thursday night race results

MORE: Wednesday night race results

MORE: Tuesday night race results

MORE: Monday night race results

 

NASCAR Heat Pro League draft moved to March

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Qualifications for the NASCAR Heat Pro League ended earlier this week, but the 100 players hoping to be drafted by one of the NASCAR teams participating will have to wait a little bit longer.

The draft, originally scheduled for February, has been moved back to March. The rescheduling was noted in the latest episode of the NASCAR Heat Pro League web series, which you can watch above.

The league will feature 16 races with up to 16 teams and 32 drivers. Each team will be owned and operated by a NASCAR race team. Each team will field two drivers, one competing on Xbox One and the other on a PlayStation 4.

With the end of qualifications, the top 100 players will get to participate in “Showcase Races.”

The 100 players will consist of the 50 best XBox One players, and the 50 best PlayStation 4 players.

Players will receive an email in the coming weeks informing them if they are eligible for the showcase. Eligible players will then have to fill out paperwork, go through an interview and a background check before having full eligibility for the showcase.

The move of the draft date is intended to allow for more races and to give teams more time to make their decisions.