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.
CLICK HERE FOR MORE SPORTS COVERAGE AT FOXNEWS.COM
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.
NASCAR LEGEND RED FARMER, 90, ITCHES TO GET BACK ON TRACK AS HE FIGHTS DOUBLE PNEUMONIA
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.
CLICK HERE TO GET THE FOX NEWS APP
BK Racing have had just three top-10 finishes – their best result was a sixth-place finish from Matt DiBenedetto at Bristol in 2016.