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Silly Season: More rides changing for 2019

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Trevor Bayne is the latest to be looking for a ride for 2019 after car owner Jack Roush said Wednesday on SiriusXM NASCAR Radio that Bayne would not return to the team after this season.

Bayne, the 2011 Daytona 500 winner, had struggled this season before Roush Fenway Racing brought back Matt Kenseth to share the No. 6 ride with Bayne.

Since he began driving in Cup for Roush in 2015, Bayne has zero wins, four top fives and 11 top-10 finishes in 124 starts.

Here’s a look at where Silly Season stands at this point:

ANNOUNCED CUP RIDES FOR 2019

Bubba Wallace will remain with Richard Petty Motorsports through the 2020 season (announcement made July 28)

CUP RIDES NOT YET ANNOUNCED FOR 2019

No. 1: The Associated Press reported Sept. 10 that car owner Chip Ganassi had offered Jamie McMurray a contract to drive in the 2019 Daytona 500 only and then move into a management position. Ganassi was awaiting McMurray’s decision. The move means the No. 1 will be open for 2019.

No. 6: Car owner Jack Roush said Sept. 12 on SiriusXM NASCAR Radio that Trevor Bayne would not be back with Roush Fenway Racing after this season. Bayne, who has shared the No. 6 ride this season with Matt Kenseth, has driven in Cup for Roush since 2015.

No. 23: Front Row Motorsports purchased the BK Racing team in bankruptcy court. Front Row needs the team to run the rest of the season to maintain the charter. After this season, Front Row could run a third car, lease this charter or sell this charter.

No. 31: Ryan Newman announced Sept. 15 that he would not return to the No. 31 after this season. Car owner Richard Childress told NBC Sports: “We’ll announce who our driver is in the near future.”

No. 32: Go Fas Racing is looking for a driver after Matt DiBenedetto’s announcement Sept. 7 that he won’t return to the team after this season.

No. 41: Kurt Busch signed a one-year deal last December to remain at Stewart-Haas Racing. He said Aug. 31 at Darlington that he has two contract offers for 2019 but did not reveal what teams they were from. Busch said Sept. 7 he had no updates on his status.

No. 95: Kasey Kahne announced Aug. 16 that he would not return for another full-time season. Also, this team has told Richard Childress Racing it won’t be a part of its technical alliance next year. Car owner Bob Leavine said Aug. 5 that “in our talking to the manufacturers this year, Toyota has been head-and-shoulders above the rest so far.”

DRIVERS WITHOUT ANNOUNCED PLANS FOR 2019

Trevor Bayne: 2011 Daytona 500 winner is looking for a ride after the Sept. 12 announcement he won’t return to Roush Fenway Racing in 2019. He told NBC Sports on Sept. 14 that he has been calling car owners looking for a ride and would look at any of NASCAR’s top three national series. 

Kurt Busch: 2004 champion’s contract expires after this season with Stewart-Haas Racing.

Matt DiBenedettoSaid he was betting on himself by leaving Go Fas Racing and looking to race elsewhere. While he would like a full-time ride, he would entertain a part-time ride in the Xfinity Series with a winning team, following what Ryan Preece has done.

Daniel Hemric: The Xfinity driver for Richard Childress Racing was asked Aug. 17 at Bristol about his future and he described it as: “Cloudy, very cloudy.” He said then he has not signed anything for the 2019 season, adding: “I’m trying to do everything I can on the race track to prove to somebody that would be willing to put me in a car and give me a shot.”

Jamie McMurray: Although he has not revealed his plans, car owner Chip Ganassi told the AP that he had offered McMurray a contract for only the 2019 Daytona 500 before McMurray would move into a management role.

Ryan Newman: He announced during the weekend at Las Vegas Motor Speedway that he won’t be returning to Richard Childress Racing. He intends to remain in Cup for 2019 but has yet to reveal his destination.

Ryan Preece: Modified ace who has run a limited schedule in the Xfinity Series with Joe Gibbs Racing and had great success has not announced his 2019 plans.

Daniel SuarezWith reports stating that Martin Truex Jr. will go to Joe Gibbs Racing and drive the No. 19, Suarez would be looking for a ride. He said Sept. 9 at Indianapolis that “I’m not really allowed” to talk about his situation and then added: “Everything happens for a reason. I think we are going to be in good shape.”

Martin Truex Jr.Reigning series champion has not announced a ride for 2019 with the Sept. 4 news that Furniture Row Racing is shutting down after this season.

XFINITY SERIES

OPEN RIDES FOR 2019

1: Elliott Sadler announced Aug. 15 that he will not run full-time in NASCAR after this season, creating an opening at JR Motorsports for 2019.

Friday 5: Furniture Row Racing’s demise is a fate others know too well

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SPEEDWAY, Ind. — The names have changed but the stories haven’t when it comes to the tale of Furniture Row Racing and all the teams before it that faded away.

The concern about costs, the dependence on sponsorship and the volatility of it all is not something that is new to NASCAR (or even motorsports). That those issues contributed to Furniture Row Racing announcing this week that it would cease operations after this season only added that team to a long list. That Furniture Row Racing won the Cup championship last year only makes the story more powerful.

But not unique.

Go back in time and look at what other car owners were saying and how their concerns were repeated.

In 1999, Ricky Rudd closed his race shop and sold his cars and equipment at auction because he was unable to find a sponsor to continue a team that had won six races in six seasons, including the 1997 Brickyard 400.

Rudd told motorsport.com the day of the auction: “I’ll probably get a little sad when I see those race cars loaded up on trucks and rolled away. That’ll bother me a little. The hardest day was the day before I signed with (Robert) Yates. I walked into the shop and told the guys that the sponsorship deal wasn’t working out, and that I was sorry but I was gonna do something else next year.”

In 2007, Ginn Racing and Dale Earnhardt Inc. merged during the season because Ginn needed help after it was unable to find funding for two of its three cars. Car owner Bobby Ginn explained to The Associated Press that had he not merged: “We would have had to continue to cut costs, and that is disgraceful to me. I am proud of the merger. I would not have been proud of putting a car out there that couldn’t compete.”

Ginn went on to say: “Even if the sponsors had come in, we probably would be talking about something like this anyway. This is just going to be the way teams operate going forward, and we needed to be invited to the party before it was too late.”

In 2009, Bill Davis Racing — a team that won the 2002 Daytona 500 with Ward Burton — was sold after what The Associated Press described as a “fruitless search for sponsorship.”

In 2013, car owner James Finch sold Phoenix Racing to HScott Racing. Finch told NASCAR.com at the time: “I’ll come to races and all. I just wasn’t going to go broke doing it. Sponsorships are really tough to come by and stuff like that.” HScott Racing announced in December 2016 that it would not field a team, citing lack of sponsorship as a reason.

In 2015, Michael Waltrip Racing announced it would cease operations after the season. Clint Bowyer was a playoff team for that organization that year.

The organization was a three-car team in 2013 but then lost sponsor NAPA after the season in response to the Richmond scandal that year when NASCAR penalized MWR for team orders in the final regular-season race of the year and removed Truex from the playoffs.

Last month, a bankruptcy judge approved the sale of BK Racing to Front Row Motorsports. Court documents showed that BK Racing, which struggled to find sponsorship, lost $29.5 million from 2014-16. The team also owed a bank more than $9 million in unpaid loans and the IRS more than $2.5 million.

“It’s a tough business,” Devine said in February at Daytona when asked why he never aligned with another team to help defray costs. “I think it’s an expensive learning curve. I also think … you’ve got to decide where you are taking the company and I took it down a very independent route, which probably wasn’t the smartest (thing).”

Just in recent years, the sport has seen Richard Childress Racing contract from three to two teams and Roush Fenway Racing, which had five full-time teams in 2009 downsize to four teams in 2010, three teams in 2012 and two teams in 2017.

Furniture Row Racing cut from two teams to one this season and then suffered a fatal blow when 5-hour Energy announced in July it would not remain in the sport after this year. It is to serve as a co-primary sponsor for 30 races this year. Forget that the 2019 Daytona 500 is 164 days away, the need to have sponsorship secured for next year had already passed for Furniture Row Racing.

Although their lifespan may be recalled more often by fans, its demise falls in line with what has happened to many teams through the years.

2. Similar refrain

This is becoming too familiar for Martin Truex Jr.

For the second time in his career, an organization shut down with him as a driver. Two other times, an organization Truex drove for merged to remain in the sport.

In 2007, Truex was with Dale Earnhardt Inc. when it merged with Ginn Racing, creating a four-car operation. Then that organization later merged with Chip Ganassi Racing.

Truex then left for Michael Waltrip Racing only to see his ride disappear after the 2013 season when NAPA left the team. The fallout was from the Richmond team orders scandal NASCAR penalized MWR. Now, Truex will be heading elsewhere after Furniture Row Racing closes shop after this season.

3. What’s next?

One of the things to watch for with Furniture Row Racing is who buys its charter.

The value of a charter, just like anything, is based on what someone is willing to pay. If there’s only one interested party, the price won’t be as high. If there are more, that can raise the price.

Don’t take what the BK Racing charter (and team) sold for in bankruptcy court last month as an indicator. The team, including the charter, sold for $2 million last month. After a minimum price was set for the charter and team, there was only one bid, leading to a sale that many in the court called disappointing.

One thing that should make Furniture Row’s charter is its recent performance. There’s a historical element to charters that have weighted payments based on the performance of the team that held that charter. With Furniture Row Racing’s championship last year, this charter will have a larger payment to the next owner.

4. Unique attraction

The NASCAR weekend at Indianapolis Motor Speedway began with a USAC National Midget race on Thursday night.

A quarter-mile dirt track was built inside Turn 3 and more than 100 USAC midgets entered the event.

Holding races leading up to a NASCAR weekend is not a new thing but showing this dirt track series is. With a push toward grassroots racing, such options could be good tie-ins with race weekends — as long as fans show up. If fans don’t attend, they won’t happen.

The grandstand was full for the midget race, which was won by Brady Bacon and saw Christopher Bell finish fifth and Ricky Stenhouse Jr. place 11th.

Many fans were already looking forward to this event returning next year.

5. Special promotion

You might have missed it but Pocono Raceway announced this week that children 12 and under will receive free gate admission while accompanied by an adult to its two Cup races and its IndyCar race in 2019.

Children 12 and under already could attend NASCAR Camping World Truck Series and Xfinity races for free but this is a step up for the sport.

It provides another avenue to reach out to a younger generation with the hope that those in that group become life-long NASCAR fans.

Admittedly, it’s not something that can be done everywhere. Watkins Glen sold out its grandstands again this year. Darlington Raceway did not announce a sellout for last weekend’s Southern 500 but the stands were close to capacity.

At other tracks where there are open seats, it might be something to consider in the future even if only on a year-to-year basis.

Could be the start of something for Cup races.

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Friday 5: Silly season, charter sales and track news

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Not since 2009 have two former Cup champions switched teams — but might that take place for next season?

With 12 races left this year, former champions and free agents Martin Truex Jr. and Kurt Busch have not stated where they will race in 2019.

Truex has won 20 percent of the Cup races since last season, finished in the top five 56.7 percent of the time and scored a top 10 in more than two-thirds of those races.

It would seem natural that the 38-year-old reigning Cup champion will stay with Furniture Row Racing, but everything changed when 5-hour Energy announced July 18 it would end its involvement in NASCAR after this season. 5-hour Energy became a co-primary sponsor for 30 Cup races this season on the No. 78 team with Bass Pro Shops/Tracker Boats.

Two weeks ago at Bristol, Truex couldn’t give a number when asked to estimate a percentage of remaining with the team after this season.

“Right now, we need sponsorship,” Truex said then. “That’s as simple as it gets.”

Busch, 40, signed a one-year extension with Stewart-Haas Racing in December, after Monster Energy decided to return as a team sponsor. Busch, the 2004 Cup champ, has said he’s talked to multiple teams about a ride for next year.

Busch won two weeks ago at Bristol to assure a playoff spot. He has four top-five finishes and 15 top-10 results this season — nearly bettering what he did last season for SHR.

The last time two drivers with Cup championships switched teams for the same season was 2009 when Tony Stewart and Bobby Labonte changed teams.

Stewart, a two-time champion at the time, went from Joe Gibbs Racing to Haas CNC Racing, which was renamed Stewart-Haas Racing. He won his third title in 2011 for that organization. Labonte, who won the 2000 crown, moved from Petty Enterprises to Hall of Fame Racing in 2009.

2. Boom or Bust?

When a bankruptcy judge approved the sale of BK Racing — and its charter — to Front Row Motorsports last week, it marked the ninth time that a charter has been sold since the system was created before the start of the 2016 season.

One charter has been sold twice in that period, meaning eight separate charters (22.2 percent) have been sold in less than three years. Many more have been leased. Teams can lease a charter once in five years.

The charter system debuted in February 2016 after about 18 months of discussions between NASCAR and team owners. NASCAR announced there would be 36 charters, guaranteeing each holder a starting spot in each race. The charter system also guarantees a set amount of income that isn’t solely based on a team’s finishing position in a race. Performance the past three years, a fixed amount per race and year-end point fund money also are factored.

The point was that teams could better budget what they would receive during the season and have a better idea of how much sponsorship they needed.

Also, the charter system was billed as a way to provide greater value to teams and led to the creation of a Team Owners Council, similar to what Cup drivers have. The Team Owners Council since has played a key role in the discussion of rule changes.

The money paid for charters has been kept quiet. Court documents from BK Racing’s bankruptcy case state that BK Racing sold a charter to Front Row Motorsports for $2 million in December 2016.

The bankruptcy court approved Front Row Motorsports’ purchase of BK Racing for $2.08 million. That included the charter, cars, equipment and other assets, meaning the charter sold for less than the one BK Racing sold in December 2016.

The bankruptcy court approved the bidding process for the BK Racing sale. A price of $1.8 million from Mike Beam, president of GMS Racing, was set as the minimum bid for the charter and certain assets. At the auction, Front Row Motorsports was the only bidder and topped Beam’s total.

Less than three years into the charter system, the movement of charters shows the difficulties with owning a team. The hope was that it would lead to a way for new investors to join the sport — and it could happen in the future.

But it takes more than a charter. There is all the equipment that must be purchased, personnel hired and the need for an alliance to have any hope of being competitive. Then there’s the sponsorship that a team needs to secure. That’s even a big jump for an Xfinity team to make if it wants to move to Cup.

With all that, it’s not surprising at this point that the charters have been passed among those that already own teams.

Here are the charters that have been sold since the charter system was created:

2016 season — Michael Waltrip Racing sold a charter to Stewart-Haas Racing for the No. 41 car.

2016 — Michael Waltrip Racing sold a charter to Joe Gibbs Racing for the No. 19 car.

2017 season — Premium Motorsports sold a charter to Furniture Row Racing for the No. 77 car.

2017 — BK Racing sold a charter to Front Row Motorsports for $2 million, according to court documents.

2017 — HScott Motorsports sold a charter to Premium Motorsports for the No. 15 car.

2017 — Tommy Baldwin Racing sold a charter to Leavine Family Racing for the No. 95 car.

2018 season — Furniture Row Racing sold the No. 77 car’s charter to JTG Daugherty for the No. 37 car.

2018 — Roush Fenway Racing sold a charter to Team Penske for the No. 12 car.

2018 — BK Racing charter sold in bankruptcy court to Front Row Motorsports for $2.08 million, including various assets.

3. Track News – Rockingham

The Richmond County Daily Journal reported that Rockingham Properties, LLC was expected to finalize paperwork Thursday on the purchase of Rockingham Speedway.

The paper did not list a price but stated that county tax administrator Vagas Jackson said the property was valued at $2,993,324. The paper reported that Dan Lovenheim, who owns restaurants and bars in and around Raleigh, North Carolina, is the majority owner of Rockingham Properties LLC.

Lovenheim did not provide the paper with plans for the track only to say they are “remarkably encompassing.”

4. Track News – Lucas Oil Raceway

The Indianapolis Star reported Thursday that Lucas Oil Raceway, which includes the drag strip that will host the upcoming U.S. Nationals, a road course and an oval track where the NASCAR Xfinity and Camping World Truck Series used to race, is in the midst of a multimillion-dollar renovation.

The first phase is focused on the drag strip.

Future plans call for improvements to the 0.686-mile oval so that it can host more stock car races.

“I think it’s no secret that we’d like to see other forms of stock car racing, be it different forms of NASCAR racing that come back out here,” Kasey Coler, the track’s general manager, told the newspaper. “That’s long term what we’d like to see.”

5. Did you know …

Darlington Raceway is Ryan Newman’s best track based on average finish. He has an average finish of 11.68 there. His next best track is Rockingham. He had an average finish of 12.4 there.

Since 2009, Newman and Denny Hamlin have the most top-10 finishes at Darlington Raceway with seven each. Next are Kevin Harvick, Kyle Busch, Matt Kenseth and Martin Truex Jr. with six each.

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Bankruptcy judge approves sale of BK Racing to Front Row Motorsports

Photo by Sarah Crabill/Getty Images
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CHARLOTTE, N.C. — A day after he put his team in Chapter 11 bankruptcy, BK Racing owner Ron Devine alternated between being combative and conciliatory as he spoke to reporters outside his hauler in the Daytona International Speedway garage.

Losses in the millions, a pile of debt and a bank eager to get more than $8 million back in loans and accrued interest led Devine to go to court to protect his team and its charter — the one item that gave his underfunded team its greatest value.

The paperwork was filed, according to court documents, about 30 minutes before a Feb. 15 hearing in Mecklenburg County Superior Court. That hearing was in regards to Union Bank & Trust’s request of a receiver to operate BK Racing and a preliminary injunction to prevent the team from selling or leasing its charter.

“We’ll get it resolved,” Devine said 48 hours before the Daytona 500. “I promise you, we will get it resolved. The bank wants it resolved, and I want it resolved. We will get it resolved. And I’ll see you in Homestead (for the season finale).

“We will be in Homestead.”

Devine was right six months ago. It got resolved.

But left him without a team.

Judge J. Craig Whitley approved the sale of BK Racing — a team Devine helped bring to Cup in 2012 — to Front Row Motorsports for $2.08 million on Thursday.

In announcing his decision, Whitley called the matter “just a bad situation and we’re doing the best we can with it. I don’t expect anybody to be delighted by it, but it is what it is.”

Devine and the team’s engine supplier objected to the sale Thursday. During an early recess, Devine spoke with the attorney for Union Bank & Trust. After the brief discussion, Devine shook his head, walked away and said: “Then that will do it. Jesus Christ.”

Devine and the team’s engine builder urged the judge to let the team continue through the rest of the season and be sold then. Devine stated that he would be an interested buyer then. Devine, it was noted in court, had made an unqualified bid to get the team back.

On the stand, Devine made a last-minute appeal to the judge not to sell the team: “This is wrong to occur during the season. There is the ability to run the team through the end of the season.”

Devine called it a “misconception that this team is on the brink of collapse.”

Trustee Matt Smith, appointed by the court to take over the team from Devine in late March, said Thursday morning on the stand that “cash continues to be very, very tight.”

Smith also said on the stand that “without sponsorship, I run about $30,000 to $50,000 in the hole” per race. Smith expressed concerns that he would be able to run the team through the end of the season.

The charter requires teams to compete each weekend. If the team missed races, it would allow NASCAR to take the charter back and leave BK Racing with little value. While Smith and many others expressed disappointment that the bidding didn’t generate any more money, Smith recommended the sale take place.

When Devine questioned Smith on cross examination about how long it took for him to provide info on the team’s financial status, Smith said: “The business records you had were atrocious.”

After the hearing, Devine said: “That trustee at the very least ought to be embarrassed. He should have stopped it with one bidder. I just think he was in over his head.”

The judge didn’t see it that way and awarded the charter and assets to Front Row Motorsports. The judge also approved the sale of equipment and 19 chassis (primarily in storage and in various stages of readiness) for $265,000 to Obaika Racing and a hauler to Rick Ware Racing for $35,000.

Front Row Motorsports gets BK Racing’s charter, which guarantees a starting spot in every race and a set amount of money per event, and some of its assets, including the cars it is running. Front Row Motorsports was expected to close on the sale as early as Thursday afternoon. All of BK Racing’s employees will be retained as part of the agreement.

Front Row Motorsports now owns both charters that went to BK Racing when the charter system was created before the 2016 season. BK Racing sold a charter to Front Row Motorsports in December 2016 for $2 million, a sale that did not include any other assets.

Front Row Motorsports, a Ford team will run the former BK Racing team, a Toyota team, as a separate entity through the end of the season.

Jerry Freeze, general manager of Front Row Motorsports who attended court Thursday, said the team will not change manufacturers after this season. He also said he did not know who the driver of the BK team will be for next weekend’s Southern 500 at Darlington Raceway. Or if the car number will change from No. 23 to No. 35, a number Front Row Motorsports has used for a third entry at times.

Freeze said the team wants to expand to three full-time cars but admits it will be challenging to find the sponsorship at this point to do so for next year. An option for the team would be to lease two of its charters to other teams — it already leases a charter to TriStar Motorsports and could continue that relationship. Charters can be leased once every five years.

“You’ve got to imagine we’ve been assessing the market for who would need to lease a charter next year and who might be interested in buying one of the other charters that we have,” Freeze said after the hearing. “So we think there’s a market out there for sure. It was worth taking the chance and opportunity to see if we could get this one.”

Front Row Motorsports’ bid topped a bid from Mike Beam, president of GMS Racing.

That a Cup team’s fate was settled in a U.S. Bankruptcy courtroom showed how far BK Racing had fallen. Six weeks after Devine filed Chapter 11 bankruptcy, he lost control of the team when Smith was assigned as trustee. Devine called the judge’s action then “a sad day for BK.’’

It wouldn’t have to come to that had the team been more fiscally responsible. Court documents show that team lost $29.5 million from 2014-16. Court documents show that the team “budgeted” for a loss of $1.358 million in 2017 in what was described as a “skeletal budget.”

Then, there was the millions owed Union Bank & Trust for the numerous loans (now up to more than $9 million). The IRS filed court documents on March 12 that stated it had a secured claim of $2.5 million and a priority claim of $328,792.47 owed. A former employee and current employee at the time testified in March about having paychecks bounce last year. A former employee said he had a paycheck bounce in September 2017, November 2017 and December 2017 before leaving the team.

In May, court documents listed secured claims against the team at $31.6 million. That included $15 million to the Virginia Racers Group, which included Devine and started the team. Court documents also listed unsecured claims at $773,569.17 and non-priority unsecured claims at more than $5 million.

Smith decided this summer that it was in the best interest to sell the team.

“One of the reasons, and I know that Mr. Devine is in the room and probably doesn’t want to hear this, but I think one of the reasons this team is in trouble is it had the wrong owner,” Smith said in court on July 26. “So I believe the right owner, transition of ownership, would be the best thing for this team.”

Smith stated that day that “the cash flow (for the team) is exceptionally tight” and questioned then about going beyond the end of the season.

With all the money spent, BK Racing rarely ran anywhere close to the front. The organization, which fielded up to four cars at times, had three top-10 finishes in its history.

Sunday, in its last race as BK Racing, Blake Jones finished 27th, 15 laps behind the leaders. Only three other cars that made it to the finish ran fewer laps than Jones.

“It’s a tough business,” Devine said in February at Daytona when asked why he didn’t align with another team to help defray costs. “I think it’s an expensive learning curve. I also think … you’ve got to decide where you are taking the company and I took it down a very independent route, which probably wasn’t the smartest (thing).”

But Devine was not deterred Thursday. As he stood outside the federal courthouse awaiting an Uber ride to the airport, he said he still wanted to be in NASCAR as an owner.

“I’ve got other options,” he said.

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Front Row Motorsports bids highest for BK Racing but judge yet to approve sale

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CHARLOTTE, N.C. — Front Row Motorsports was the winning bidder for BK Racing at $2 million it was revealed in U.S. Bankruptcy Court on Tuesday, but the judge did not approve the sale.

Instead, Judge J. Craig Whitley continued the hearing to Thursday after objections from Glenn Thompson, attorney for Race Engines Plus (BK Racing’s engine supplier) and BK Racing car owner Ron Devine.

Thompson told the court that “I think everyone is upset with the outcome except the buyer.” He asked for the extension to see if there was a better solution.

Devine said in court: “The outcome is exactly what I predicted. We ought to slow the train.”

Judge Whitley responded: “You’re the one who started the show.”

Said Devine: “I started the show because of creditors. I started this to stop Union Bank.”

Devine put the team in Chapter 11 bankruptcy on Feb. 15 — three days before the Daytona 500 — to keep Union Bank & Trust from trying to take control of the team. Trustee Matt Smith was put in charge of the team March 28, relieving Devine of decision-making control.

With the extension, Judge Whitley stated in the court Tuesday: “Don’t read … that I’m opening bidding. This is a continuance and nothing more.”

David Schilli, attorney for Union Bank & Trust, which has stated in court documents that BK Racing owes the bank $9 million in loans and accrued interest, objected to the extension.

“The bank is not willing to let the bird in the hand go,” Schilli said in court. “We were hoping for a spirited competition at the auction and it didn’t happen. It’s time for the process to come to an end.”

The bid from Front Row Motorsports topped the $1.8 million bid from Mike Beam, president of GMS Racing. That was set as the minimum for Monday’s auction.

Although Trustee Matt Smith had said earlier this summer in court that there had been 29 interested parties that contacted him about the team or some of its assets, his attorney, Michael Martinez, said: “Frankly your honor, we’re disappointed in the outcome of the sale.” But Martinez asked the judge to approve the sale of the team.

Monday’s auction was said to have lasted about three minutes.

Jerry Freeze, general manager of Front Row Motorsports, said after the hearing that the team had plans for taking in BK Racing but was not ready to announce them. Front Row Motorsports already owns three charters, fielding the teams for David Ragan and Michael McDowell. The team leased its third charter to TriStar Motorsports. Front Row Motorsports bought a charter from BK Racing for $2 million in December 2016.

Devine said the court hearing ended: “I think we have a better offer than that. You can’t have the whole courtroom disappointed with the outcome of sale and then say somehow it worked. I like Bob Jenkins (owner for Front Row). If I don’t have it, I hope he gets it.

“Hopefully, the bank comes to its senses. I felt like the courtroom is finally coming around to realize that this is not the right thing to do.”

In court, Martinez, the attorney for Smith, stated that all that had been sold: Front Row Motorsports bid $2 million for BK Racing and $80,000 assets claimed by Champion Tire and Wheel.

Also, Martinez affirmed the previous sale of equipment to Obaika Racing for $265,000, which included a transporter and 19 chassis in various form from bare chassis to partial body and full body. It also was announced a sale of assets for $35,000 to Rick Ware Racing.