Nearly five years after filing for Chapter 11 bankruptcy, former NASCAR Cup Series car owner Ron Devine has been ordered to pay $31 million after proceedings.
Associated companies and trusts will also have to pay the bank that issued the loans, the IRS, employees, and others who still owe money through bankruptcy claimsaccording to FOX Sports.
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Matt DiBenedetto, driver of the No. 83 EJ Wade Construction Toyota, right, and BK Racing owner Ron Devine speak to the media at Richmond International Raceway on April 22, 2016, in Richmond, Virginia.
(Matt Hazlett/Getty Images)
Devine owned BK Racing from 2012 to 2018, which paid Devine affiliated trusts and companies $6 million and another $11 million in debt that a trustee says requires repayment.
A judge ruled that Devine failed to comply with discovery procedures for financial disclosures, leaving him owed the full $31 million.
The NASCAR Cup Series Championship logo prior to the NASCAR Cup Series Championship Race on November 6, 2022, at Phoenix Raceway in Avondale, Arizona.
(Kevin Abele/Icon Sportswire via Getty Images)
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Devine testified that the payments in question often covered short-term loans and “[tried] as hard as [he] can… to keep up with this thing.”
Devine, also a Burger King franchise owner, filed for Chapter 11 bankruptcy just three days before the 2018 Daytona 500. He was stripped of team ownership in favor of a trustee.
Matt DiBenedetto, driver of the No. 10 Toyota, practices for the NASCAR XFINITY Series Food City 300 at Bristol Motor Speedway on August 19, 2016, in Bristol, Tennessee.
(Sean Gardner/NASCAR via Getty Images)
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BK Racing had just three top-10 finishes; his best result was a sixth-place finish from Matt DiBenedetto at Bristol in 2016.
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