The victim, a 42-year-old Saginaw, Texas resident named Krik Franklin was involved in an argument near the race's campground before the incident took place according to police.
A police spokesman has said alcohol may have contributed.
Earlier in the week NASCAR had said it would "take a closer look" at the process in which sponsors are approved.
Sponsorships are agreements between the track where the race is being held and the sponsor, but NASCAR has the right to nix sponsorships.
"The NRA's sponsorship of the event at Texas Motor Speedway fit within existing parameters that NASCAR affords tracks in securing partnerships," said NASCAR spokesman David Higdon according to ESPN. "However, this situation has made it clear that we need to take a closer look at our approval process moving forward, as current circumstances need to be factored in when making decisions."
ESPN had also reported Friday that two drivers were advised by their public relations firms not to do interviews in the media center to avoid having the NRA logo behind them.
Last month, Connecticut Senator Chris Murphy sent a letter to NASCAR CEO's asking him to reconsider his decision to sanction the race's sponsorship citing the "national conversation" about guns.
"Given the emotional state of the national conversation, I believe it would be imprudent for NASCAR to step into such a heated political debate and take sides in this debate by allowing the NRA the title role in the race," Murphy wrote.
Murphy had also sent a letter to News Corp. CEO Rupert Murdoch asking him not to broadcast the NRA 500 race on Fox Sports.
The NRA did not immediately return a request for comment.
Andrew Kaczynski is a political reporter for BuzzFeed News and is based in New York.
Contact Andrew Kaczynski at email@example.com.
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