Hmmm says the article is no longer available. But on the link it says NBC Bay Area so I would guess this was most likely reckless driving rather than street racing. I say this because I'm in the street racing scene and have only seen like 1 BMW that actually races and makes pretty good power with his turbo setup.
1986 Mustang 5.0 hatchback- Stroked/blown/E85 No cage= No time slips
2004 325i sedan- Just looks