Avioli departs as Breeders' Cup CEO

Breeders' Cup Ltd. President and Chief Executive Officer Greg Avioli resigned

Friday to take a new position as President and CEO of the racing and gaming

division of MI Developments. Breeders' Cup has called a meeting of the board

early next week to discuss interim leadership and steps to be taken to identify

the organization's next CEO, said Breeders' Cup Chairman Bill Farish.

Avioli leaves the Breeders' Cup after nearly five years as the organization's

chief executive. He led the Breeders' Cup through major changes to the

organization and its signature event, the Breeders' Cup World Championships,

including its expansion from eight races on one day to 14 races over two days,

and the formation of the international Breeders' Cup Challenge series of

official qualifying races. Wagering, attendance, revenue and television ratings

increased during Avioli's term as chief executive, capped by the success of the

2010 championships at Churchill Downs.

"During a time when our industry on the whole was experiencing difficult

economics, Greg played an integral role in making the Breeders' Cup a stronger

property and organization," Farish said. "On behalf of the Breeders' Cup board,

we thank Greg for his significant contributions and wish him all the best in his

future endeavors."

"With any decision like this there is the excitement of the new challenges

ahead as well as deep appreciation for the opportunity that Bill and the

Breeders' Cup board have given me over the last few years," Avioli said. "I'm

very proud of the team that we've assembled and what we've been able to

accomplish together. I wish continued success to the Breeders' Cup, its

management, its staff and especially the nominators whose long-time support

helped build the Breeders' Cup to what it is today."

"The board looks forward to identifying a new CEO that can continue to grow

the property and fulfill its mission in support of breeders and the industry,"

Farish said. "In the interim, the board will be working closely with Breeders'

Cup's management team through this transition."