Churchill Downs Inc. buys Preakness intellectual property for $85 million

Source: Associated Press, via WTOP

Churchill Downs Inc. buys Preakness intellectual property for $85 million

The Associated Press
April 21, 2026, 11:39 AM


FILE - Jockeys compete during the 150th running of the Preakness Stakes horse race on May 17, 2025, at Pimlico Race Course in Baltimore. (AP Photo/Stephanie Scarbrough, File)(AP/Stephanie Scarbrough)

Churchill Downs Incorporated said Tuesday it has entered into an agreement to acquire the intellectual property for the Preakness Stakes and Black-Eyed Susan-Stakes from 1/ST Racing’s Maryland department for $85 million, subject to customary closing conditions.

Churchill Downs, the home of the Kentucky Derby, plans to license the rights annually to the state of Maryland to stage the races. The parties expect the transaction to close after the next running of the Preakness, which is set to happen at Laurel Park on May 16 while Pimlico Race Course in Baltimore is rebuilt as part of a major reconstruction project.

“This acquisition adds one of the most iconic brands in American sports to our portfolio and is consistent with our strategy of investing in premier thoroughbred racing assets with long-term growth potential,” Churchill Downs Incorporated CEO Bill Carstanjen said. “In keeping ownership of the Preakness intellectual property in the racing industry, CDI will support efforts to fully realize the potential of a redeveloped Pimlico and Preakness Stakes within the Triple Crown and the broader sports and entertainment landscape.”

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Read more: https://wtop.com/maryland/2026/04/churchill-downs-inc-buys-preakness-intellectual-property-for-85-million/