LOUISVILLE, Ky. (AP) -The Breeders' Cup awarded Churchill Downs one of racing's richest events for a second straight year.

Following a two-year run at Santa Anita in Arcadia, Calif., Churchill Downs was picked Friday as the host for the 2011 Breeders' Cup. This year's two-day event is already set for Nov. 5-6 at the track, home of the Kentucky Derby.

``The last two years showed us ... that there are very positive factors to being in a market more than one year,'' Breeders' Cup president Greg Avioli said at a news conference. ``This gives us the opportunity to do the same experiment at Churchill.''

Churchill seemed the logical choice for 2011 because of several factors: In California, the racing surface at Santa Anita; in New York, finances and politics.

``Clearly things are unsettled right now in California and while it's good news for New York racing that the state recently agreed to fund a $25 million loan, neither of those jurisdictions is as stable as Kentucky,'' Avioli said.

The Breeders' Cup races are worth more than $26 million in purses, with the $5 million Classic often times determining Horse of the Year honors. Last year, though, unbeaten Zenyatta's victory in the race was not enough to win the award over Rachel Alexandra, who did not run in the Breeders' Cup.

The dates for the 2011 Breeders' Cup are Nov. 4-5.

The event is expected to bring more than $100 million to the state over the next two years, said Breeders' Cup chairman William S. Farish, Jr.

While the Breeders' Cup is not yet ready to go to a permanent site, Kentucky Gov. Steve Beshear made a pitch for Churchill.

``Kentucky is simply a perfect fit; our history and our heritage are defined by the horse,'' he said. ``And Churchill has proven time and time again that it is well-equipped to host this event.''

Churchill has hosted the Breeders' Cup six times, and boasts the single day attendance record of 80,452 in 1998. The Breeders' Cup, which began in 1984, has been held in California eight times, and in New York five times.