Phipps pays the ultimate price Jeremy Phipps, director of security at the Jockey Club, has paid the ultimate price for his contribution to the BBC`s Panorama programme The Corruption of Racing, it was confirmed last night.Phipps has resigned from his position having come under intense pressure since featuring in a covertly-taped conversation with his predecessor, Roger Buffham, who turned whistle-blower on the show which attacked racing`s regulators and claimed the `Sport of Kings` was 'institutionally corrupt'.Senior steward Christopher Spence said in a statement last night: 'I accepted Jeremy Phipps` resignation with great regret as in his short time with the Jockey Club, first as acting head of security and then as director of security, he has contributed a great deal.'On Sunday`s broadcast Phipps was seen telling Buffham, who left Portman Square under a cloud last year, that the Jockey Club is lacking in 'backbone'. 'It is actually the backbone that isn`t terribly strong,' he said, before going on to describe Jockey Club members as 'f--king ignorant' and the licensing system as 'c '. And the moment that made every viewer cringe came when Phipps was shown being confronted with a transcript of the meeting. Initially he denied making the comments but then, taken aside by colleague John Maxse - the Jockey Club`s public relations director - and reminded of the context of the conversation, Phipps returned to the camera to explain that he made comments to put Buffham at ease. Spence continued: 'I think it is a great pity that incidents relating to the filing of the Panorama programme have culminated in Jeremy`s resignation, but I am pleased that he has agreed to help with the transitional arrangements.'