At 1440 Pacific time, an amateur-built Minkler Venture M20 airplane suffered structural failure of the horizontal stabilizers and the associated elevators at the Reno-Stead Airport while participating in the sport class race as part of the annual Reno Air Races. The pilot was killed in the crash. The accident occurred about halfway through the sport class race. As the airplane was rounding pylon No. 1, the horizontal stabilizers and elevators began flexing and then bent down at a point about two feet outboard of the root on each side.