A spokesman for Ambulance Victoria told The Standard that paramedics were called to the scene.

Warrnambool Police Station constable Sam Burns told The Standard the 78-year-old, who was a spectator at the event, died at 6.20pm on Friday night at the Allansford's Premier Speedway.

"He was on the his own and he collapsed outside the gate at the entrance," Constable Burns said.

"A member of the public standing nearby immediately commenced CPR (Cardiopulmonary resuscitation).

"Ambulance Victoria and the State Emergency Service attended where they tried to defibrillate him and use medical intervention by giving him some medication."

She said they commenced CPR for 30 minutes but the man could not be revived.

"He was a very popular member in our community," Constable Burns said.

"The family stated he had previously had heart attacks.

"The family were obviously upset but said that he died somewhere where he loved being."

Racing was halted for more than 45 minutes while emergency services attended to the man.

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