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

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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BK Racing owner Ron Devine, left, and Matt DiBenedetto, driver of the No. 83 EJ Wade Construction Toyota, speak to the media at Richmond International Raceway in Richmond, Virginia on April 22, 2016.
(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 before the NASCAR Cup Series Championship Race at Phoenix Raceway in Avondale, Arizona on November 6, 2022.

The NASCAR Cup Series Championship logo before the NASCAR Cup Series Championship Race at Phoenix Raceway in Avondale, Arizona on November 6, 2022.
(Kevin Abele/Icon Sportswire via Getty Images)

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Devine testified that the payments in question often covered short-term loans and that he had done everything possible to comply with financial disclosure requests. «I’m trying as hard as I can… to keep up with this,» she said.

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 in Bristol, Tennessee on August 19, 2016.

Matt DiBenedetto, driver of the No. 10 Toyota, practices for the NASCAR XFINITY Series Food City 300 at Bristol Motor Speedway in Bristol, Tennessee on August 19, 2016.
(Sean Gardner/NASCAR via Getty Images)

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BK Racing had just three top-10 finishes; his best finish was Matt DiBenedetto’s sixth-place finish at Bristol in 2016.