PRIMARY SPONSORS LINKS
Contract Status: Drivers: race-to-race; Primary Sponsors: race-to-race;
#23 Team / Drivers News
BK Racing to be operated by trustee after team owner loses financial control: BK Racing will be operated by a trustee as team owner Ron Devine lost financial control of the NASCAR Cup Series team in bankruptcy court Wednesday morning. U.S. District Court Judge J. Craig Whitley appointed Matthew Smith of The Finley Group as the trustee.[More](3-28-2018)
BK Racing allowed to continue operating through West Coast swing: BK Racing can continue to compete through the three-race West Coast swing as long as it shows proof of workers compensation and commercial liability of insurance, a U.S. Bankruptcy Court judge ruled Tuesday. The team earned $450,000 for finishing 20th at Daytona and $92,000 for finishing 36th at Atlanta. Among the March financial estimates of according to attorney statements in court: Assuming a finish of 30th, $385,000 in purse for four races; potential overall revenues of $500,000-$900,000; and payroll expenses and taxes of at least $92,000. A wreck would cost the team $5,000 to $25,000 in extra weekend costs.[More](2-27-2018)
Gaulding expects to run full season for BK Racing: Gray Gaulding will continue to compete for team owner Ron Devine in the Monster Energy NASCAR Cup Series, the driver confirmed to The Racing Experts. The 20-year-old driver will be competing in his second full-time season in NASCAR's premier series.[More](2-24-2018)
BK Racing asking court to allow for payment of employees and vendors: BK Racing is asking the bankruptcy court this morning to be allowed to use cash coming in to pay employees and vendors or else it might have to cease operations. According to its request, BK Racing earned $450,000 for Gray Gaulding's 20th-place finish in the Daytona 500. The filing states that it also owes 12 employees nearly $21,000 in wages from prior to the Daytona 500. It also states that the value of its charter "may have a value in excess of $5 million," and it could lose the charter if it doesn't race.[More](2-23-2018)
Owner Ron Devine says BK Racing will run full schedule BK Racing owner Ron Devine said he hoped his Chapter 11 bankruptcy is a quick reorganization process and that his plan is to race the entire 2018 season. "I'll see you in Homestead," he said, referring to the final race of year.[More](2-16-2018)
BK Racing files for Chapter 11 bankruptcy, may still compete in Daytona 500 BK Racing has filed for Chapter 11 bankruptcy, which likely would allow it to compete in the Daytona 500 this weekend and potentially operate while coming up with a plan to repay debtors. The filing Thursday came less than an hour before a hearing on a request from Union Bank & Trust to appoint a receiver to take over the BK Racing assets, which includes a charter, NASCAR's version of a franchise that guarantees a spot in every race. The bankruptcy filing halts all other court proceedings.[More](2-15-2018)
EarthWater sponsoring Gaulding at Daytona: During the 2017 season EarthWater was the Official Water of BK Racing for the NASCAR season, and we're excited to continue our sponsorship into the 2018 season.[More](2-14-2018)
Uncertain future for BK Racing: 2017 was a year of transition for BK Racing. While still competing full-time in the Monster Energy NASCAR Cup Series, the team had seven different drivers compete in at least one race for the organization. Producing just one top-10 finish between them, BK hopes for a better outcome entering the 2018 season. However, up until the night before the first practice to kick off the 2018 NASCAR season, BK Racing had no driver for the Daytona 500. Ron Devine, owner of the race team confirmed to Frontstretch that Gray Gaulding would be piloting the #23 car in the Great American Race. Add this dilemma to the list of problems Devine had to encounter over the past 12 weeks.[More](2-10-2018)
BK Racing court hearing postponed: The hearing over whether a receiver should be appointed to take over BK Racing was postponed to February 15 at the request of Union Bank & Trust. The temporary restraining order remains in effect that keeps owner Ron Devine from selling assets or his charter. A bank spokesman and its attorney declined to comment as did executives from BK minority owner Sport Venture Group.[More](2-5-2018)
Court hearing to be held on BK Racing: A North Carolina judge will conduct a hearing next Monday to determine whether to appoint a receiver selected by Union Bank to operate BK Racing and either sell or lease out the team's charter, which would guarantee a spot for all 2018 races including the Feb. 18 Daytona 500. Having determined the bank has established that BK Racing owes it more than $8M in unpaid loans and fees, the court issued a temporary restraining order Friday that prohibits BK Racing from selling or leasing the charter or any assets until the hearing[More](1-29-2018)
Bank asks court to allow receiver to take over BK Racing's assets: Union Bank & Trust, which filed a lawsuit in North Carolina court in November claiming ownership of two NASCAR charters originally controlled by BK Racing (with one now controlled by Front Row Motorsports), has asked a federal court in Virginia for injunctive relief and to immediately appoint a receiver take over all the team's assets and property. The bank alleges BK Racing owes it more than $7 million in unpaid loans and fees, and already has had $210K worth of assets seized by the N.C. Department of Revenue for unpaid taxes. Classic Auctions, a North Carolina auction house, is advertising that it will auction off three BK Racing haulers and a passenger car. BK Racing also owes more than $1.59M to its engine supplier and more than $667K in federal tax liens, according to N.C. court records.[More](1-20-2018)
The Lynch Racing Co. acquires Iowa City Capital Partners' position in BK Racing: The Lynch Racing Co., a division of Sport Venture Group, today acquired Iowa City Capital Partners' stake in the Monster Energy NASCAR Cup Series Team BK Racing which was owned and controlled by Anthony Marlowe."After four seasons as a minority owner in NASCAR's Premier Series, I have decided to harvest my investment. It has been a wild ride; I wouldn't change a minute. I am thankful to Ron and Brenda Devine. Regardless of whether BK Racing ever wins a Cup race one day, they are worthy of my appreciation. It takes great courage to make the investment the Devine's have made regarding time and money. Not to mention saving my backside from a sudden change in the direction of Swan Racing early in the 2014 season." said Anthony Marlowe.[More](12-1-2017)
Bank suing Front Row Motorsports for ownership of team charter: A lawsuit filed earlier this month could play a role in determining the 2018 Daytona 500 field as a North Carolina court determines who owns the charter that Front Row Motorsports bought from BK Racing for $2 million prior to the 2017 season. Union Bank & Trust in Virginia filed a lawsuit Nov. 17 in North Carolina Superior Court, asking for the court to declare it has rights to what was originally BK Racing's #83 car charter, alleging that BK Racing owes it $9.1 million on a loan that included its two charters as collateral.[More](11-28-2017)
Chief Marketing Officer for BK Racing leaves the team Doug Fritz, Chief Marketing Officer for BK Racing, has left the Monster Energy NASCAR Cup Series race team to pursue other opportunities.
Fritz has held numerous roles in the industry, including Richmond International Raceway president, Chief Executive Officer of Iowa Speedway and Senior Director of Marketing and Business Development for NASCAR.(NASCAR.com)(11-1-2017)
BK Racing cars do not get on track Friday: Only 38 cars took the track for NASCAR Cup Series first practice at Charlotte Motor Speedway - two short because the #83 and #23 of BK Racing didn't get on the track. BK Racing later presented the two cars for qualifying inspection but, again, did not take to the track for qualifying. Per the NASCAR rulebook, a qualifying attempt consists of passing initial inspection, participating in practice and passing qualifying inspection. At some point, unless the series director rules otherwise, the cars would have to, at least, make a practice attempt.[More](10-6-2017)
Tax lien issued against BK Racing: The IRS issued a tax lien against BK Racing this week, the third tax lien against the organization since in less than a year. The tax lien issued Tuesday to the North Carolina Secretary of State's office against BK Racing is for$180,794.97. The lien is for the tax period ending March 31.[More](8-4-2017)
Gaulding, BK Racing in contract dispute: When both sides came together, [BK Racing owner Ron] Devine claimed they had a $2 million agreement for GGR Enterprises to pay BK Racing for Gaulding to stay in the car for the year. The agreement was broken down into a series of monthly payments based on GGR's ability to bring sponsors to the table. It was a simple agreement that's seen more often in modern-day NASCAR, a deal based on money and not performance.[More](8-1-2017)
BK Racing Hires New Manager of Partnership Sales: BK Racing announced that Ryan Tuttle has joined the team as Manager of Partnership Sales.
Tuttle brings over eight years of sales, client services, and business development experience to the team. Assuming a wide scope of responsibilities at BK Racing, Tuttle will be responsible for new sponsorship business development and growing existing sponsorships. He will also assist BK Racing CMO, Doug Fritz, with on-boarding new sponsors, sponsorship renewals, and new sponsors' at-track and in-market activation.
"I'm excited to join BK Racing as their Manager of Partnership Sales," said Tuttle. "To be able to help build onto the success that everyone at BK Racing has already achieved is a tremendous opportunity. I look forward to working with our existing sponsors as well as help new companies grow their brands with BK Racing in 2017."
"Ryan is going to make an excellent addition to our team," said Doug Fritz, Chief Marketing Officer at BK Racing. "Together we will work to build on the momentum from our very successful 2016 season. BK Racing has a very talented group of young drivers this year, and we believe these drivers will represent our sponsors very well. We are all looking forward to showcasing what we can do starting at Daytona in a couple weeks."(BK Racing)(2-11-2017)
Gaulding to BK Racing UPDATE: 18 year-old Gray Gaulding will pilot the #23 Toyota Camry in the 2017 Monster Energy NASCAR Cup Series. The team made the announcement at Richmond International Raceway, home track to BK Racing and Gaulding. Gaulding has been competing in some form of racing since the age of three. Gaulding's rookie season in the NASCAR K&N Pro Series in 2013 started with a bang with a 2nd place finish in the inaugural Battle at the Beach on the Daytona International Speedway's back straightaway. Gaulding's impressive three year stint in the NASCAR K&N Pro Series East and West included 13 top-five finishes, 25 top-tens, and three pole awards. His first pole award was here at RIR in 2013, making Gaulding the youngest driver to do so at 15 years, 2 months, and 15 days. That same year, Gaulding picked up a win at Phoenix International Raceway making him the youngest driver to win in the NASCAR K&N Pro Series West at 15 years, 8 months, and 30 days. In 2014-2015, Gaulding moved up to the NASCAR Camping World Truck Series where he made 13 starts with one top-five and two top ten finishes. In 2016, Gaulding furthered his career by making starts in both the NASCAR Xfinity Series and the Monster Energy NASCAR Cup Series. Gaulding's first race in the #23 will be the Folds of Honor QuikTrip 500 at Atlanta Motor Speedway on March 5, 2017. The team will announce sponsorship for Gaulding at a later date.(BK Racing) Gaulding's first race will be Atlanta because he has not been approved by NASCAR to run at Daytona.(1-24-2017)
UPDATE: At only 18 years of age, Gaulding has achieved a lifetime goal of competing full-time in NASCAR's premier Cup Series. His first season begins this March at Atlanta Motor Speedway. Gaulding will drive BK Racing's #23 Toyota for 33 of the 36 points races on the Monster Energy NASCAR Cup Series schedule. Although sponsorship is slated to be announced at a later date, it is expected that Gaulding's main primary sponsor on the #23 will be Dr. Pepper. Although Gaulding's teammate Joey Gase will have the #23 and Best Home Furnishings as his primary sponsor in three races this season - Daytona in February, Kentucky in July and Bristol in August - the two drivers are really only sharing the same car number. Gaulding is expected to have the #83 at Kentucky in July and Bristol in August, and he is slated to retain his crew and points for those two races. The only race that Gaulding will miss in 2017 is the season-opening Daytona 500, as he has not received approval from NASCAR to run the race due to the requirement that he has to race a Cup race at a track that is 1.5-plus miles in length before he can compete at the 2.5-mile superspeedways of Daytona and Talladega. His two starts last season in Cup were at the half-mile short track of Martinsville and the one-mile raceway of Phoenix.(Progress-Index)(2-1-2017)
BK Racing unsure of plans for #83 team charter: BK Racing is still determining the fate of one of its charters a month away from the Monster Energy NASCAR Cup Series season. Granted two charters under the business model NASCAR implemented going into 2016, a spokesperson for the team told RACER that the # 23 Toyota will use its charter "for sure" in 2017. Joey Gase will drive the car in the season-opening Daytona 500 on Feb. 26, as well as in two other races this season with backing from Best Home Furnishings. Gray Gaulding was announced Tuesday as the primary driver. Dr. Pepper will remain with the team as the sponsor. However, the charter for the #83 Toyota is still to be determined. On Wednesday, Corey LaJoie was announced to run multiple races in the #83 this season.(Racer)(1-26-2017)
BK Racing hit with $1.46 million judgement: Five days after a $1.46 million binding arbitration award was levied in a Mecklenburg County, NC case involving Ron Devine and BK Racing, Kickin' the Tires has confirmed through public documents that Devine encumbered the company's equipment, supplies and racecars in a UCC filing for a $15 million line of credit from Virginia Racer's Group, a company managed by his wife. The binding arbitration award involved Race Engines Plus (REP) and money proven to be owed by BK Racing for engines and parts provided from 2013 forward. Additionally, the award required REP to return equipment and engines to Devine's BK Racing. That arbitration ruling came on December 12, 2016. An order to that affect was signed by the Honorable Judge Richard Doughton of Cabarrus County on January 3, 2017, after the Mecklenburg County records were filed in Cabarrus County to secure the money owed.(See full article and links to documents at Kickin' the Tires)(1-10-2017)
BK Racing briefly locked out of race shop: Concerns over BK Racing losing their lease at their current shop location appear to be a misunderstanding and, in fact, the race team is negotiating and extended lease with BAM Property Holdings, Kickin' the Tires has confirmed. A sign posted, Wednesday evening, on the chained door of the building where BK's shop is housed read, "The Owner BAM Property Holdings has retaken possession of this property." A call to the number listed was answered by a man named "Chuck," who confirmed that BAM had taken possession of the building Wednesday evening but had returned it to the principles of BK Racing by Thursday - less than 24 hours later. "They have possession now," said Chuck. "And they are working on negotiating their lease for a longer term. So, they should be good." Reaching out to team owner Ron Devine, he did not address the sign when asked via text but stated, "We are fine and headed to Daytona."(Kickin the Tires)(12-10-2016)