The newly constituted 14-member Breeders' Cup Ltd. board of directors held its first meeting Thursday and elected William Farish Jr. as chairman. Robert Clay was elected vice chairman and the following other officers were elected: D.G. Van Clief, Jr., president; Ferguson Taylor, treasurer; James Philpott, Jr., secretary; and Ragan Montemayor, assistant secretary.In addition to electing officers, the board reviewed key 2006 company goals, including the formation of a 2007 Breeders' Cup-related major league racing series, purses to be allocated for Championship Day, television and sponsor sales strategies, Office of Racing Integrity, future Breeders' Cup host track selection, and financial reports, according to a press release from the organization. "It was a very productive first meeting," said D.G. Van Clief, Jr. "The board was fully engaged and is focused on the achievement of both short- and long-term goals that will be beneficial to our organization as well as the entire industry." The next meeting of the board will be Feb. 9.