Hancock leaves Churchill board

Seth Hancock, the co-owner of Claiborne Farm outside of Paris, Ky., resigned from the board of directors of Churchill Downs Inc. on Tuesday, effective immediately, the company announced.

Hancock had served on the board for 35 years. In a statement released on Tuesday through Churchill Downs, he said that "it's time for me to move on and embrace new challenges."

"I look forward to CDI's continued innovation and success for the benefit of our entire industry," Hancock said.

When Hancock was first appointed to the board, Churchill Downs was a small publicly traded company that owned one racetrack, Churchill Downs in Louisville. Over the last decade, the company has bought and sold numerous tracks, launched account-wagering operations, and lobbied aggressively for slot machines in the state where it operates.

"Seth Hancock has served the board with great distinction for many years, and his leadership will be missed," said Carl Pollard, the chairman of Churchill's board.