James “Ted” Bassett III has stepped down from his position as a member of the Breeders’ Cup board of members and trustees it was announced in a Jan. 5 release.

Bassett, who was president of the Breeders’ Cup from 1988 through 1996, has served on the organization’s board of directors and the board of members and trustees in a variety of capacities over the past two decades.

“I leave the board with full comfort  the Breeders' Cup is in more than capable hands,” said Bassett in a statement. “Bill Farish has done an outstanding job chairing the organization during a period of innovation and growth and, given the makeup of the current board and current management, I predict that the Breeders' Cup will only grow stronger in the years ahead.”

Said Greg Avioli, president and CEO of the Breeders’ Cup: “Ted Bassett has enjoyed a remarkable career filled with invaluable contributions to the Breeders’ Cup and to the Thoroughbred industry as a whole. We are grateful for his service and I will personally miss his candor and wise counsel.”