Ex-NASCAR team owner Ron Devine indicted for tax evasion faces a five-year prison sentence if proven guilty
The court case is over the handling of funds related to BK Racing.
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Gray Gaulding In the No:23 BK Racing Toyota at Pocono (2018) (Via IMAGO)
Ron Devine, owner of former NASCAR team BK Racing, has been indicted on four counts and is waiting for his first trial in a Charlotte federal court. BKR competed in the Cup Series, the premier stock car racing division, from 2012 to 2018. He has fielded cars for drivers like Alex Bowman, J. J. Yeley, and Jebb Burton.
The team has fielded two cars over the years, the No:93 and the No:23, which Bubba Wallace of 23XI Racing currently uses. BKR has also fielded the No:26, No:83, No:73, No:93, and No:49 cars. They have been backmarkers throughout their careers, with their best-ever result being a P13 in Daytona. J. J. Yeley’s P32 finishing Homestead race was the final event of the team.
According to a press release from the U.S. Attorney’s Office, Devine allegedly caused BK Racing not to pay thousands of payroll taxes. They have highlighted that in 2017, $390,000 in tax money that should’ve been paid to the IRS wasn’t done by Devine. He has all the control over teams’ financial decisions, including accounts and bill payments, according to reports.
The press release also reveals allegations that the Cup team owner used the money in trust that should’ve been used to pay the payroll taxes and was transferred into another organization he has controlled. The BK Racing-related funds that have been transferred are around $2 million.
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The bankruptcy of BK Racing and the possible punishments Ron Devine faces
The end of BK Racing was chaotic as they were sold off after filing for Chapter 11 bankruptcy. This was done to stop Union Bank & Trust from taking over the Cup charters of the team and selling them to recover their losses.
Later that year, Front Raw Motorsports, one of their rival Cup team, acquired the charter from the BKR Bankruptcy court for $2.8 million. 2018 was just the season after FRM won the Cup title with Martin Truex Jr. as their driver.
Devine will have to appear before the court for the first time in a federal court in Charlotte, the Mecca of NASCAR. If found guilty of the four counts, he might have to pay a fine of $250,000, and the tax evasion carries a maximum of five years in prison.
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Justin P Joy
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