Latest news with #FrontRow
Yahoo
2 days ago
- Business
- Yahoo
Former BK Racing owner pleads guilty to failure to pay payroll taxes in latest legal troubles
CHARLOTTE, N.C. (QUEEN CITY NEWS) – Former NASCAR team owner Ron Devine pleaded guilty Wednesday to failure to pay payroll taxes, announced Russ Ferguson, U.S. Attorney for the Western District of North Carolina. According to the plea documents and other court records, Devine, 68, was the owner and President of BK Racing, LLC (BK Racing), which operated a NASCAR team and owned two charters. As the owner, Devine was discovered to have exercised control over the team's financial affairs, including authorizing the filing and payment of its trust fund taxes, commonly referred to as payroll taxes. Federal judges rule in favor of NASCAR in lawsuit filed by Jordan-owned 23XI and Front Row Payroll taxes are withheld from employees' gross pay for income tax and to fund Social Security and Medicare. Employers are also required to make contributions to trust fund taxes matching the amounts withheld from their employees' pay, and to file and pay quarterly taxes. Court records indicate that beginning in 2012, Devine caused BK Racing to fail to account for and pay hundreds of thousands of dollars in payroll taxes. Court documents show that, between 2012 and 2017, instead of using the funds held in trust to pay for payroll taxes due, Devine allegedly transferred more than $2 million to other businesses and entities that he owned and controlled and used some of the funds to pay for BK Racing's expenses. Devine, who lives in northern Virginia, was released on bond following his guilty plea. The charge of failure to truthfully account for and pay over trust fund taxes carries a maximum penalty of five years in prison and a $250,000 fine. A sentencing date has not been set. This is just the latest in Devine's financial troubles that were taken court. In April, a federal judge approved a lawsuit from Front Row Motorsports after buying a charter for BK Racing that came with more than $9 million in debt. After Front Row settled with the bank for $2.1 million, the team asked Devine and business partner Michael DiSeveria to pay the balance, plus interest. They refused at first, thus creating the legal matter. In January, a federal appeals court upheld an order for Devine and his BK Racing associates to pay a $31 million fine, after being accused of attempting to obstruct and delay the team's bankruptcy proceedings. BK Racing last competed in the Cup Series in 2018, when they filed for Chapter 11 Bankruptcy. Assistant U.S. Attorneys Caryn Finley and Daniel Ryan of the Office in Charlotte are prosecuting the payroll tax case. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
San Francisco Chronicle
6 days ago
- Automotive
- San Francisco Chronicle
Hamlin undeterred by ruling siding with NASCAR in lawsuit filed by Jordan-owned 23XI and Front Row
BROOKLYN, Mich. (AP) — Denny Hamlin is unfazed that a three-judge federal appellate panel vacated an injunction that required NASCAR to recognize 23XI, which he owns with Michael Jordan, and Front Row as chartered teams as part of an antitrust lawsuit. 'That's just such a small part of the entire litigation,' Hamlin said Saturday, a day ahead of the FireKeepers Casino 400. "I'm not deterred at all. We're in good shape.' Hamlin said Jordan feels the same way. 'He just remains very confident, just like I do,' Hamiln said. NASCAR has not commented on the latest ruling. 23XI and Front Row sued NASCAR late last year after refusing to sign new agreements on charter renewals. They asked for a temporary injunction that would recognize them as chartered teams for this season, but the Fourth Circuit Court of Appeals in Richmond, Virginia, on Thursday ruled in NASCAR's favor. 'We're looking at all options right now,' Hamlin said. The teams, each winless this year, said they needed the injunction because the current charter agreement prohibits them from suing NASCAR. 23XI also argued it would be harmed because Tyler Reddick's contract would have made him a free agent if the team could not guarantee him a charter-protected car. Hamlin insisted he's not worried about losing drivers because of the uncertainty. 'I'm not focused on that particularly right this second,' he said. Reddick, who was last year's regular-season champion and competed for the Cup title in November, enters the race Sunday at Michigan ranked sixth in the Cup Series standings. The charter system is similar to franchises in other sports, but the charters are revocable by NASCAR and have expiration dates. The six teams may have to compete as 'open' cars and would have to qualify on speed each week to make the race and would receive a fraction of the money. Without a charter, Hamlin said it would cost the teams 'tens of millions,' to run three cars. 'We're committed to run this season open if we have to,' he said. 'We're going to race and fulfill all of our commitments no matter what. We're here to race. Our team is going to be here for the long haul and we're confident of that.' The antitrust case isn't scheduled to be heard until December. NASCAR has not said what it would do with the six charters held by the two organizations if they are returned to the sanctioning body. There are 36 chartered cars for a 40-car field. 'We feel like facts were on our side,' Hamlin said. 'I think if you listen to the judges, even they mentioned that we might be in pretty good shape.'
Washington Post
6 days ago
- Sport
- Washington Post
Hamlin undeterred by ruling siding with NASCAR in lawsuit filed by Jordan-owned 23XI and Front Row
BROOKLYN, Mich. — Denny Hamlin is unfazed that a three-judge federal appellate panel vacated an injunction that required NASCAR to recognize 23XI, which he owns with Michael Jordan , and Front Row as chartered teams as part of an antitrust lawsuit. 'That's just such a small part of the entire litigation,' Hamlin said Saturday, a day ahead of the FireKeepers Casino 400. 'I'm not deterred at all. We're in good shape.'
Associated Press
6 days ago
- Automotive
- Associated Press
Hamlin undeterred by ruling siding with NASCAR in lawsuit filed by Jordan-owned 23XI and Front Row
BROOKLYN, Mich. (AP) — Denny Hamlin is unfazed that a three-judge federal appellate panel vacated an injunction that required NASCAR to recognize 23XI, which he owns with Michael Jordan, and Front Row as chartered teams as part of an antitrust lawsuit. 'That's just such a small part of the entire litigation,' Hamlin said Saturday, a day ahead of the FireKeepers Casino 400. 'I'm not deterred at all. We're in good shape.' Hamlin said Jordan feels the same way. 'He just remains very confident, just like I do,' Hamiln said. NASCAR has not commented on the latest ruling. 23XI and Front Row sued NASCAR late last year after refusing to sign new agreements on charter renewals. They asked for a temporary injunction that would recognize them as chartered teams for this season, but the Fourth Circuit Court of Appeals in Richmond, Virginia, on Thursday ruled in NASCAR's favor. 'We're looking at all options right now,' Hamlin said. The teams, each winless this year, said they needed the injunction because the current charter agreement prohibits them from suing NASCAR. 23XI also argued it would be harmed because Tyler Reddick's contract would have made him a free agent if the team could not guarantee him a charter-protected car. Hamlin insisted he's not worried about losing drivers because of the uncertainty. 'I'm not focused on that particularly right this second,' he said. Reddick, who was last year's regular-season champion and competed for the Cup title in November, enters the race Sunday at Michigan ranked sixth in the Cup Series standings. The charter system is similar to franchises in other sports, but the charters are revocable by NASCAR and have expiration dates. The six teams may have to compete as 'open' cars and would have to qualify on speed each week to make the race and would receive a fraction of the money. Without a charter, Hamlin said it would cost the teams 'tens of millions,' to run three cars. 'We're committed to run this season open if we have to,' he said. 'We're going to race and fulfill all of our commitments no matter what. We're here to race. Our team is going to be here for the long haul and we're confident of that.' The antitrust case isn't scheduled to be heard until December. NASCAR has not said what it would do with the six charters held by the two organizations if they are returned to the sanctioning body. There are 36 chartered cars for a 40-car field. 'We feel like facts were on our side,' Hamlin said. 'I think if you listen to the judges, even they mentioned that we might be in pretty good shape.' ___ AP auto racing:
San Francisco Chronicle
05-06-2025
- Automotive
- San Francisco Chronicle
Federal judges rule in favor of NASCAR in lawsuit filed by Jordan-owned 23XI and Front Row
CHARLOTTE, N.C. (AP) — A three-judge federal appellate panel ruled Thursday in favor of NASCAR in the antitrust lawsuit filed by two teams, one owned by Michael Jordan, and vacated an injunction that required 23XI and Front Row be recognized as chartered teams as their case snakes through the legal system. Both race teams sued NASCAR late last year after refusing to sign new agreements on charter renewals. The charter system is similar to franchises in other sports, but the charters are revocable by NASCAR and have expiration dates. 23XI, which is owned by Jordan and three-time Daytona 500 winner Denny Hamlin, joined Front Row in suing NASCAR after 13 other organizations signed the renewals. The two teams sued and asked for a temporary injunction that would recognize them as chartered teams for this season. The antitrust case isn't scheduled to be heard until December. The teams said they needed the injunction because the current charter agreement prohibits them from suing NASCAR. 23XI also argued it would be harmed because Tyler Reddick's contract would have made him a free agent if the team could not guarantee him a charter-protected car. The original judge ruled that NASCAR's charter agreement likely violated antitrust law in granting the injunction. But when they heard arguments last month, the three judges at the the U.S. Court of Appeals for the Fourth Circuit in Richmond, Virginia, indicated they were skeptical of that decision. The judges said in Thursday's ruling they were not aware of any case that supports the lower court's theory of antitrust law, so they vacated the injunction. ___
