BK Racing has officially been sold, after U.S. Bankruptcy Court Judge J. Craig Whitley approved details of the sale which occurred on Thursday morning.
Front Row Motorsports submitted the winning bid of $2.08 million. Front Row will therefore get a majority of the BK Racing assets as well as its charter, which will give FRM owner Bob Jenkins possession of four charters.
However, for the immediate future Front Row must run a third car to keep the charter it claimed in the sale. Front Row currently fields two full-time cars with Michael McDowell and David Ragan. Details are undecided for its third entry at the next Monster Energy NASCAR Cup Series race at Darlington Raceway (Sept. 2).
Ironically, Front Row also bought one of its previous charters from BK Racing, during the 2016 offseason. That charter is being leased to TriStar Motorsports with the No. 72 team.
Other details of the sale include Obaika Racing buying secondary assets for $265,000. Victor Obaika has been fielding a car in the Xfinity Series since 2015 and is looking to make the jump into the Cup Series soon.
Rick Ware Racing also purchased a tractor in the sale for $35,000.
BK Racing owner Ron Devine filed for Chapter 11 bankruptcy in February because he said he was trying to stop Union Bank & Trust (of Virginia) from taking control of the team. Union Bank & Trust claims it is owed more than $8 million.
Matthew Smith was appointed to control the team as a trustee in the spring. Smith was the one who decided it would be in its best interest to sell to satisfy the creditors.