The Breeders’ Cup board of directors approved core components of the organization’s long-term strategic plan Dec. 11 at its December meeting in Lexington, Ky., Breeders’ Cup announced.
In addition, the board promoted chief financial officer Matthew Lutz to the position of chief operating officer/CFO and reviewed results of the 26th Breeders’ Cup World Championships at Santa Anita.
The pillars of the strategic plan adopted by the board are:
--Explore the feasibility of a single permanent host site location for the Breeders’ Cup World Championships;
--Establish a new Breeders’ Cup Racing Series in partnership with North American and European racetracks to better define and market the road to the Breeders’ Cup World Championships;
--Expand brand marketing and commercial development programs, with an emphasis on digital marketing and social media;
--Take a new approach to nominations to significantly expand the number of Breeders’ Cup eligible horses.
“This is the culmination of a year-long strategic planning process designed to ensure the Breeders’ Cup continues to thrive and grow as one of the world’s premier sporting events and as the definitive international event in our sport,” said Breeders’ Cup chairman William S. Farish Jr. “Having approved these strategic recommendations, the board has tasked the management team with developing a specific business plan in each of the four areas with a goal of approving the final plans at our April 2010 meetings.”
Said Satish Sanan, Breeders’ Cup board member who chaired of the Strategic Planning Committee: “For 26 years the Breeders’ Cup took one approach. We understand that a new approach means significant change but the Strategic Planning Committee believed a new approach is warranted if the property is going to evolve, adapt, and grow in a changing marketplace.”
The Breeders’ Cup has been advised through the strategic planning process by consultant William Field from the London-based Prospero Strategy. “We’ve worked with many international sports properties through the years and the Breeders’ Cup is in a strong position to exploit its unique international brand position not only to its own benefit but to the benefit of horseracing in general,” said Field.