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Churchill Downs to Acquire Preakness Stakes IP for $85M
The deal gives Churchill Downs control of the Preakness and Black-Eyed Susan brands as Maryland continues to stage the races under license.
- On Tuesday, Churchill Downs Incorporated announced it acquired the intellectual property for the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Maryland LLC for $85 million.
- Churchill Downs Incorporated will license these rights back to Maryland for an annual fee, consolidating control over the first two Triple Crown events under one operator.
- The deal closes after the May 16 Preakness Stakes, which will be held at Laurel Park while Pimlico Race Course undergoes renovations expected to complete by next year.
- This acquisition allows Churchill Downs Incorporated to determine media broadcast partners for the first two Triple Crown legs, potentially shifting the Preakness date to create a three-week gap from the Kentucky Derby.
- Trainers and owners have increasingly opted to skip the Preakness in recent years, a trend the consolidation aims to address by aligning these historic races within the broader sports landscape.
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Churchill Downs buys rights to Preakness, Black-Eyed Susan Stakes
The entrance to Pimlico Race Course in 2023, three years before demolition began to make way for a new grandstand and rejuvenated track. (Photo by Jay Cannon/Capital News Service)The owners of the first leg of horse racing’s Triple Crown now own the property rights to its second leg. Churchill Downs Inc. announced Tuesday that it has reached an agreement with 1/ST Maryland LLC to purchase the intellectual property rights for the Preakness Stakes…
·Takoma Park, United States
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Total News Sources31
Leaning Left10Leaning Right2Center14Last UpdatedBias Distribution54% Center
Bias Distribution
- 54% of the sources are Center
54% Center
L 38%
C 54%
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