Almost 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 loans, the IRS, employees and others still owed money through approved claims of the bankruptcy, according to FOX Sports.
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Matt DiBenedetto, driver of the No. 83 E.J. Wade Construction Toyota, right, and BK Racing owner Ron Devine speak with 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 claims requires reimbursement.
A judge ruled that Devine did not comply with discovery procedures of financial disclosures, so he owes the full $31 million.
The NASCAR Cup Series Championship logo before 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 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 Aug. 19, 2016, in Bristol, Tennessee.
(Sean Gardner/NASCAR via Getty Images)
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BK Racing had just three top-10 finishes — their best finish was a sixth-place result by Matt DiBenedetto at Bristol in 2016.