Former NASCAR car owner ordered to pay $31 million in bankruptcy proceedings: report

Virtually 5 years after submitting for Chapter 11 chapter, former NASCAR Cup Collection automotive proprietor Ron Devine has been ordered to pay $31 million after proceedings.

Related corporations and trusts will even need to pay the financial institution that issued loans, the IRS, workers and others nonetheless owed cash by way of accepted claims of the chapter, in accordance with FOX Sports activities.

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Devine owned BK Racing from 2012 to 2018, which paid Devine-affiliated trusts and corporations $6 million and one other $11 million in debt {that a} trustee claims requires reimbursement.

A choose dominated that Devine didn’t adjust to discovery procedures of monetary disclosures, so he owes the total $31 million.

The NASCAR Cup Collection Championship brand earlier than the NASCAR Cup Collection Championship Race on Nov. 6, 2022, at Phoenix Raceway in Avondale, Arizona.
(Kevin Abele/Icon Sportswire by way of Getty Pictures)

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Devine testified that the funds in query typically coated short-term loans, and “[tried] as arduous as [he] can … to maintain up with this factor.”

Devine, additionally a Burger King franchise proprietor, filed for Chapter 11 chapter simply three days earlier than the 2018 Daytona 500. He was stripped of group possession in favor of a trustee.

Matt DiBenedetto, driver of the No. 10 Toyota, practices for the NASCAR XFINITY Collection Meals Metropolis 300 at Bristol Motor Speedway on Aug. 19, 2016, in Bristol, Tennessee.
(Sean Gardner/NASCAR by way of Getty Pictures)

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BK Racing had simply three top-10 finishes — their greatest end was a sixth-place end result by Matt DiBenedetto at Bristol in 2016.