BK Racing was formed by a group of investors previously involved with TRG Motorsports, which had closed its Sprint Cup programme after 2011. Principal owner Ron Devine, a Burger King franchise operator, partnered with tomato grower Wayne Press and Thomas Uberall — former race director of the Red Bull Racing Team — to purchase the Red Bull operation's assets and shop for approximately ten million dollars. The acquisition gave the new team an established facility and equipment base from which to launch a multi-car Cup Series programme.
The team's connection to the Burger King brand was formalised through a licensing agreement rather than direct sponsorship. The arrangement allowed the team to display Burger King logos and branding on its cars when outside sponsors were not in place, providing a consistent visual identity. Dr Pepper, a soft drink served at Burger King restaurants, appeared as a primary sponsor on multiple occasions, particularly on the renumbered No. 23 car — chosen to reflect the drink's original 23 flavours. Dustless Blasting, DipYourCar.com, and various other regional and national brands provided additional race-by-race sponsorship throughout the team's lifespan.
In May 2014 the team expanded to three full-time entries when Anthony Marlowe, formerly a partner at Swan Racing, purchased a ten percent ownership stake and brought the No. 26 car over from that team. The team subsequently operated cars numbered 23, 26, 83, and at times 93, though maintaining multiple full-time entries placed considerable financial strain on the organisation.
The team fielded a wide rotation of drivers across its seven seasons. Landon Cassill drove the No. 83 in 2012. Travis Kvapil ran the No. 93 across 2012 and 2013. David Reutimann drove the No. 83 in 2013. Alex Bowman drove the No. 23 in 2014 in a bid for NASCAR Rookie of the Year honours. J. J. Yeley became a recurring presence across multiple car numbers, as did Jeb Burton, Ryan Truex, and Matt DiBenedetto, who scored the team's best non-superspeedway finish of sixth place at Bristol in April 2016. David Ragan drove the No. 23 full-time in 2016. Gray Gaulding ran for Rookie of the Year in 2017 in the No. 23. International drivers including NASCAR Whelen Euro Series regular Alon Day made Cup debuts with the team.
BK Racing's financial difficulties became public and legally consequential in 2018. The team filed for Chapter 11 bankruptcy and owner Ron Devine was stripped of operational control, with a court-appointed trustee overseeing the team's final months of competition. The trust formed a partnership with NY Racing Team to continue fielding the No. 23 through the end of the 2018 season.
In August 2018 BK Racing was liquidated, with most assets acquired by Front Row Motorsports in a bankruptcy auction won with a bid of 2.08 million dollars, surpassing a competing offer from GMS Racing. Front Row Motorsports had previously purchased a charter from BK Racing after the 2016 season for two million dollars, a transaction that became the subject of a lawsuit from Union Bank and Trust Company, which claimed ownership of the charter through a lien at the time of sale.
Ron Devine faced extended legal proceedings following the liquidation. On December 20, 2022, he was ordered to pay 31 million dollars to the trust managing BK Racing's bankruptcy after courts found he had used multiple corporations and family trusts as alter egos to divert approximately 6.4 million dollars from the team. On October 18, 2023, Devine was indicted on four counts of failing to pay payroll taxes. He pleaded guilty to those federal charges on June 11, 2025.
BK Racing operated for seven seasons as a small-budget, multi-car outfit that provided starting opportunities for development drivers and veterans alike. Its collapse was one of the more prominent NASCAR team bankruptcy cases of the decade, with the protracted legal proceedings continuing years after the team's final race. The No. 23 car number was subsequently acquired by Front Row Motorsports and renumbered to No. 36 for the 2019 season with driver Matt Tifft.