After more than 34 years in the business, The Stronach Group
executive Craig Fravel is leaving horse racing to take a job in Southern
California with an investment firm based in Baltimore.
Fravel, 67, called his time in racing “an amazing privilege”
when he spoke to Los Angeles Times racing writer John Cherwa, who first
reported the story Wednesday afternoon.
After nearly 22 years working his way up to president and general
manager of Del Mar and then 8 1/2 years as president and CEO of the Breeders’
Cup, Fravel joined The Stronach Group in November 2019. That was in the throes
of a crisis that saw 37 horses die racing and training at Santa Anita during
the 2018-19 seasons.
Fravel was hired first as chief executive of racing for Stronach
before he was promoted recently to executive vice chair at 1/ST, which is the company’s
brand name. In his 4 1/2 years Fravel oversaw a dramatic improvement in safety
at Santa Anita as well as the installation of synthetic courses alongside the
turf and dirt tracks at Gulfstream Park and Santa Anita.
It also was on Fravel’s watch when The Stronach Group abruptly
announced last summer it would close Golden Gate Fields, which was shuttered in
June. He also was part of Stronach’s planned exit from Maryland racing with its
plan to sell Laurel Park and its turning over of Pimlico to the state.
The Times said Fravel, who reported to 1/ST president
Aidan Butler, will leave his current role next Friday to become a senior
advisor with Brown Advisory. He has been tasked with expanding the company’s
presence in Southern California.
“My new role will enable me to continue serving the racing
industry in various volunteer capacities,” Fravel told Stronach employees in a
memo revealed to the Times.
Fravel, who will continue to live in San Diego, is the
latest Stronach executive to leave racing. Tim Ritvo, who was chief operating
officer when Fravel was hired, left in March 2020 and since co-founded a
real-estate investment company in South Florida.
Source link : https://www.horseracingnation.com/news/Report_Craig_Fravel_is_leaving_racing_to_join_investment_firm_123
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Publish date : 2024-08-01 01:55:02
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