Chicago Barn to Wire

CHURCHILL NOTES

CDI news release

Contact: Karl Schmitt, (502) 636-4594
karls@kyderby.com

FARISH RESIGNS AS CHAIRMAN OF CHURCHILL DOWNS INCORPORATED

CDI Board to Meet Tomorrow to Select New Chairman

LOUISVILLE, Ky. (July 23, 2001) -- Churchill Downs Incorporated ("CDI") (Nasdaq: CHDN) announced today that, as expected, William S. Farish has resigned as chairman of the Company to be the U.S. ambassador to Great Britain and Northern Ireland. President George W. Bush nominated Farish to the position in March 2001.

Farish, who joined CDI's board of directors in 1985, succeeded the late Warner L. Jones Jr. as chairman in June 1992. During his tenure, the Company implemented a business strategy that has resulted in its recent expansion and the establishment of the Churchill Downs Simulcast Network, or CDSN, the first such product in the industry. Additionally, under his leadership, CDI's net earnings have doubled, and its net revenues have increased six fold since 1992.

Farish is the owner and operator of the 3,000-acre Lane's End Farm in Versailles, Ky. A renowned Thoroughbred owner and breeder, Farish has twice won the Eclipse Award as the nation's leading breeder, in 1992 and 1999. Champion horses bred by Farish himself or in partnership include 1992 "Horse of the Year" A.P. Indy; 1999 "Horse of the Year" Charismatic, who won both the Kentucky Derby and Preakness that year; and 1999 Belmont and multiple graded-stakes winner Lemon Drop Kid.

Thomas H. Meeker, CDI's president and chief executive officer, said that Farish's support and guidance will be missed by the Company's board of directors and management team.

"Mr. Farish's accomplishments as a breeder and owner of Thoroughbreds as well as his business acumen have been wonderful assets to the horse racing industry and our Company," Meeker said. "We benefited by his leadership, and we regret losing him as our chairman. The directors, management and employees of CDI are very proud that President Bush selected him the U.S. ambassador to the United Kingdom."

Churchill Downs Incorporated - headquartered in Louisville, Ky. - is one of the world's leading horse racing companies. Its flagship operation, Churchill Downs, is home of the Kentucky Derby and will host the race's 128th running on May 4, 2002. The Company owns additional racetracks in Kentucky, Illinois, California and Florida and has interests in a pari-mutuel operation in Indiana as well as various racing services companies. CDI trades on the Nasdaq National Market under the symbol CHDN and can be found on the Internet at www.churchilldownsincorporated.com.

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