A NASCAR official, right, talks to a team member near the car of driver Gray Gaulding in the garage at Daytona International Speedway. BK Racing, which fields the car, has filed for Chapter 11 bankruptcy as it hopes to race in the Daytona 500 on Sunday. (AP Photo/Terry Renna)
DAYTONA BEACH, Fla. -- BK Racing is set to start the Daytona 500 in the wake of a Chapter 11 bankruptcy filing.
Gray Gaulding competed in a qualifying race at Daytona International Speedway and will start 34th, ahead of seven-time champion Jimmie Johnson and playoff driver Kyle Larson.
BK Racing's future remains unsettled.
"I knew we'd be racing on Sunday," Gaulding said.
ESPN reported that BK Racing owes unsecured creditors $1.2 million. BK Racing said it had more than $10 million in assets and liabilities, according to the bankruptcy filing.
BK Racing made its Sprint Cup debut in 2012 out of the ashes of Red Bull Racing. Team owner Ron Devine once owned as many as 26 Burger King franchises before he sold them in 2015.
BK Racing was the darling of the 2016 Daytona 500 when it fielded four cars for the race. It used seven drivers last season and starts only Gaulding on Sunday.
"I talked to Ron and saw him today. It was nothing but good things," Gaulding said. "It wasn't really a concern. Ron, he always pulls through in tough situations. He's done a good job. I feel like he's a good team owner. Sometimes, things don't go your way. That's my take on it. I'm the driver. I don't really know what goes on behind closed doors. He called me to drive and I'm running the Daytona 500 and I'm really excited about it."