James E. “Ted” Bassett, a towering but genteel figure whose work at Keeneland brought the racetrack and sales company to new heights during a 36-year tenure at the association, died on Thursday at his home in Lexington, according to Keeneland. Bassett was 103.
A former marine and director of the Kentucky State Police, Bassett was brought into Keeneland in 1968 as an assistant to the president, Louis Lee Haggin II, and within two years was named president himself. Through the next 16 years as president, Bassett transformed Keeneland into a racetrack of worldwide renown while leveraging the explosion in bloodstock prices from that era into making Keeneland the world’s leading auction company.
Thin, well over six-feet tall, and affectionately known as “Mr. B,” Bassett had a gentle and stately demeanor, and he could be seen touring the manicured grounds of Keeneland throughout his nearly four-decade association with the racetrack. Even after retirement, he could be found at a cottage on the grounds reserved for him or in the track’s backside kitchen, mingling with trainers, owners, and workers.
“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,” said Shannon Arvin, Keeneland’s president and chief executive. “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.”
During his tenure as president, Bassett oversaw dozens of capital improvement projects that renovated the grandstand and clubhouse and improved dining areas and stabling facilities. He also led the development of a training center on the back area of Keeneland’s property and enhancements to the sales arena.
All of these projects fit neatly into Keeneland’s mission as a not-for-profit association dedicated to the sport of Thoroughbred racing and the people who enjoy it. He took particular pride in the expansion of the Keeneland Library, which is recognized as the leading repository for Thoroughbred material in the world.
The explosive growth of Keeneland as an auction company coincided with a staggering run-up in Thoroughbred prices in the 1970s and 1980s. In 1976, Keeneland became the first auction company to sell a yearling for more than $1 million. In 1983, the auction house sold a yearling that would be named Snaafi Dancer for $10.2 million, the first time a yearling had sold for an eight-figure sum.
Bassett was made chairman of the board at Keeneland in 1986 after stepping down as president, and he was made a trustee in 2001. In 2006, he was named a trustee emeritus.
Outside of Keeneland, Bassett also served as the president of Breeders’ Cup and the Thoroughbred Racing Associations, a racetrack trade group. He was a former chairman of Equibase, the data company co-owned by the TRA and The Jockey Club; the founding chairman of the Kentucky Horse Park; a trustee of the National Museum of Racing and Hall of Fame; and a Steward of The Jockey Club.
Considered one of the leading figures in Central Kentucky throughout his life, Bassett lent his efforts to causes benefiting the Bluegrass area, including the establishment of the Maxwell Gluck Equine Research Center at the University of Kentucky, the acquisition of the Calumet Trophy Collection for the Kentucky Horse Park, the construction of two YMCA facilities in Lexington, and the establishment of a local blood center.
“How fortunate we are to live in Central Kentucky,” he said during an oral history interview with the Keeneland library. “Not only is it the beauty of the place, but the beauty of the people. The people in Central Kentucky are kind and caring.”
A native of Lexington, Bassett was educated on the East Coast. After college, he was a Marine infantry officer during World War II. He returned to Lexington after the war and met his wife, Lucy Gay – who died in 2016 – at her graduation party. Gay was the daughter of A.B. “Gus” Gay, a founding member of Keeneland and a director for 48 years.
The two were married in 1950 and moved to New York City, where Bassett sold newsprint for the Great Northern Paper Company. They returned to Kentucky in 1954 to reside at the Gay family’s Lanark Farm, where Bassett took up tobacco farming.
Bassett next became the Kentucky deputy director of public safety and then the director of state police, where he was credited with remaking the force’s image and improving the working conditions and pay of policemen.
Bassett was given the Eclipse Award of Merit in 1996, considered the sport’s highest honor. He was inducted into the Racing Hall of Fame in 2019 as a “Pillar of the Turf.” He co-authored an autobiography with the late Bill Mooney entitled “Keeneland’s Ted Bassett: My Life,” which was published in 2009.
“Mr. Bassett was a giant internationally as a leader, visionary, philanthropist, beloved icon, and friend, and one of our sport’s greatest ambassadors,” Arvin said. “Though I have no doubt he would want most to be remembered as a humble man who worked every day to enhance Keeneland, the Thoroughbred industry, and his hometown of Lexington.”
A visitation for Bassett will be held on Monday from 3 p.m. Eastern until 7 p.m. in the Keeneland clubhouse, the track announced on Saturday morning.
A funeral service has been scheduled for Tuesday at 11 a.m. Eastern at Central Christian Church in downtown Lexington.
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