LEXINGTON, Ky. — Former president of Keeneland Racetrack, James “Ted” Bassett III died Thursday. He was 103. 

Bassett led Keeneland for 38 years. During that time, he oversaw a historic expansion of the track and established Keeneland as a top race track and auction house.

“Mr. Bassett was a cherished member of the Keeneland family, and while we are saddened by his passing, we celebrate his remarkable life and indomitable spirit,” Keeneland President and CEO Shannon Arvin said. “He was the embodiment of class and integrity, and his commitment to preserving Keeneland’s mission and brand, often during challenging times in history, enabled our racing and sales operations to soar to new heights and set the standard for the industry.”

When Bassett came to work at Keeneland in 1968, he had no previous experience in the Thoroughbred industry. He started his career as an assistant to then-president Louis Lee Haggin II. In 1970, Bassett was named President of Keeneland Association and served for 16 years. In 1986, Bassett became chairman of the Keeneland Board of Directors and a Trustee in 2001 and Trustee Emeritus in 2006.

According to a news release from the track, Bassett credited his background as a Marine for giving him the perseverance and resourcefulness needed to succeed in the horse industry.

Multimillion-dollar construction and capital projects took place at Keeneland during the 1970s and 80s. Bassett oversaw it all. The construction improved everything at the historic track. Fans were treated to a new and expanded Clubhouse and Grandstand. New admission gates and dining rooms were added. More parking for visitors and a training center were also added.

The release said Bassett was instrumental in creating the world-renowned collections, research and preservation at the Keeneland Library.

Keeneland credits Bassett with helping to grow Keeneland from a local track to one of the best in North America. History was made at the track under Bassett. In 1985, Keeneland was the first track in Kentucky to conduct turf racing.

Bassett also made sure Keeneland became a premier auction house, attracting major buyers around the world. The world’s first million-dollar Thoroughbred yearling was sold at Keeneland in 1976. Canadian Bound went for $1.5 million. Snaafi Dancer in 1983 sold for $10.2 million, becoming the first yearling to bring eight figures.

Bassett was inducted into the Racing Hall of Fame in 2019 as a group recognized as Pillars of the Turf. The category honors those who have made extraordinary contributions to Thoroughbred racing at the highest national level.

“Mr. Bassett served the Breeders’ Cup, Keeneland, and a multitude of Thoroughbred racing industry organizations with magnificent honor and distinction, and his legacy will continue to make an impact for generations to come,” said Drew Fleming, President and CEO of Breeders’ Cup Limited. “Our thoughts are with the many people whose lives he touched as we honor his memory.”

His work wasn’t limited to Keeneland. He also helped the community of Lexington. He led efforts to build a pair of YMCA facilities and was behind the building of a new Kentucky Blood Center.

Bassett was born in Lexington on Oct. 26, 1921. He was a Yale graduate and served as a Marine Infantry officer during World War II. He received two Purple Hearts for his service.

Bassett met his wife, Lucy Gay (who died May 1, 2016), at her graduation party in Lexington in 1946. Her father, A.B. “Gus” Gay, was a founding member of the Keeneland Association and a Keeneland Director for 48 years.

Bassett is survived by his sister-in-law, Anne Pinckney Gay; nephew James Edward “Ted” Gay (Alyson); nieces Elizabeth Gay Freeman (George), Charlotte Gay Stites (John Clay) and Anne Gay Donworth and many great nephews and nieces.

Arrangements for Mr. Bassett are pending.