Speedway Motorsports, the private company that owns Texas Motor Speedway and eight other tracks around the country, permanently cut 180 positions and furloughed another 100 people due to economic stress brought on by the COVID-19 pandemic.
Officials with Speedway Motorsports said the restructuring eliminated 180 positions across all departments at the speedways and its subsidiaries, some of which were duplicate positions. The company also furloughed another 100 employees that they hope to bring back in the future.
Representatives at Texas Motor Speedway could not confirm how many positions were affected in Fort Worth but did say that because the staff at TMS was among the larger groups in the company they were hit harder than many other facilities.
"The extraordinary circumstances presented by this pandemic and the subsequent shutdown of the economy have had a significant impact on our business. Since the beginning of the shutdown four weeks ago, we have kept our entire team on full pay while our properties remained dormant. In that time, it has become clear that we must be a more nimble, more efficient organization. As such, we have made the difficult decision to restructure our business and eliminate many duplicate positions," the company said. "These decisions were not easy. Our company is providing a severance package to each person affected by job eliminations."
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In addition to Texas Motor Speedway, Speedway Motorsports owns eight other tracks including Atlanta Motor Speedway, Bristol Motor Speedway, Charlotte Motor Speedway, Kentucky Speedway, Las Vegas Motor Speedway, New Hampshire Motor Speedway, North Wilkesboro Speedway and Sonoma Raceway.