Agreement Keeps Races At Martinsville Through 2015

Speedway Announces $3M In Capital Improvements

MARTINSVILLE, Va. -- Fears of Martinsville Speedway losing one of its much coveted NASCAR races were put to rest Thursday, with track and government officials announcing $3 million in capital improvements.

Lt. Gov. Bill Bolling said the agreement with the International Speedway Corporation ensures the track will host two races for the next five years.Under the plan, Virginia is providing $1.5 million in matched funds.The track enhancements improve highway infrastructure around the track, including improvements to the US route 58 bypass access and a new ramp near the south parking lot. In addition, the concourse will be widened and new restrooms and concession stands will be added.Officials said the improvements won't be completed in time for the October race.The yearly races at Martinsville employ more than 2,800 people and have a $170 million economic impact on the area, officials said. The races also generate $13.3 million in tax revenue.