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

Nearly five years after filing for Chapter 11 bankruptcy, former NASCAR Cup Series owner Ron Devine was ordered to pay $31 million after the proceedings.

Associated companies and trusts will also have to pay the bank that issued the loans, the IRS, employees and others who still owed money through approved bankruptcy claims, according to FOX Sports.

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Devine owned BK Racing from 2012 to 2018, which Devine Trusts and Affiliates $6 million and another debt of $11 million that a trustee says needs to be repaid.

A judge has ruled that Devine failed to comply with procedures to discover financial disclosures, so he owes the full $31 million.

The NASCAR Cup Series Championship logo prior to the NASCAR Cup Series Championship race on Nov. 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 follow 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 ownership of the team in favor of a trustee.

#10 Toyota driver Matt DiBenedetto 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 have had just three top-10 finishes – their best result was a sixth-place finish from Matt DiBenedetto at Bristol in 2016.