CHARLOTTE, N.C. — Front Row Motorsports has acquired the Monster Energy NASCAR Cup Series charter and various assets of BK Racing in a bankruptcy sale.
According to a report by ESPN, U.S. Bankruptcy Court Judge J. Craig Whitley approved the sale on Thursday, accepting Front Row’s bid of $2.08 million. The only other bid was submitted by GMS Racing with team president Mike Beam offering $1.8 million.
The acquisition of BK Racing means Front Row Motorsports now owns four charters. Owned by Bob Jenkins, Front Row Motorsports uses two charters to field entries in the Monster Energy NASCAR Cup Series for drivers Michael McDowell and David Ragan. The team is leasing a third charter to TriStar Motorsports.
Front Row Motorsports plans to use the charter previously owned by BK Racing to field a third car in next weekend’s Southern 500 at Darlington (S.C.) Raceway. The team has not announced a driver, sponsor or car number for the third entry.
It’s also not known if the car will be a Ford like the other two Front Row Motorsports entries, or a Toyota as it was when fielded by BK Racing.
BK Racing owner Ron Devine filed for Chapter 11 bankruptcy the Thursday before February’s Daytona 500. Devine and BK Racing owed more than $9 million in unpaid loans to Union Bank & Trust and also owed nearly $3 million to the Internal Revenue Service.
The team has competed in every race this year despite the bankruptcy proceedings, with a number of drivers taking turns in the No. 23.
Some older cars and a transporter were sold by auction to Victor Obaika for $265,000, while Rick Ware Racing acquired a tractor that pulls a trailer for $35,000.