Churchill Downs Secures Iconic Preakness and Black-Eyed Susan Stakes in $85 Million Deal

Churchill Downs Incorporated has entered into an $85 million deal to acquire the intellectual property of the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Racing. This strategic move unites the first two legs of the U.S. thoroughbred racing's prestigious Triple Crown.

Churchill Downs, known for hosting the legendary Kentucky Derby, stated it will license the necessary intellectual property rights to the State of Maryland for the races, receiving an annual fee in return. CEO Bill Carstanjen highlighted the importance of adding such iconic American sports brands to their portfolio, aiming for long-term growth.

By maintaining ownership of the Preakness intellectual property within the racing industry, CDI intends to support developments at Pimlico and the Preakness Stakes, enhancing their role in the Triple Crown and the broader sports and entertainment sectors. The Preakness Stakes, beginning in 1873, is the second component of U.S. thoroughbred racing's Triple Crown.