Churchill Downs Acquires Preakness Intellectual Property for $85 Million

Churchill Downs Incorporated Acquires Preakness Stakes and Black-Eyed Susan Stakes Intellectual Property

April 21 - Churchill Downs Incorporated has announced that it has entered into a definitive agreement to acquire the intellectual property of the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Racing for $85 million. This deal unites the first two legs of U.S. thoroughbred racing's Triple Crown.

The transaction, which is subject to customary conditions, is expected to close after the running of the May 16 Preakness Stakes at Laurel Park in Laurel, Maryland. As part of the agreement, Churchill Downs will license to the State of Maryland the intellectual property rights necessary to conduct the running of the Preakness Stakes and Black-Eyed Susan Stakes in exchange for an annual fee.

The acquisition adds one of the most iconic brands in American sports to Churchill Downs' portfolio, aligning with its strategy of investing in premier Thoroughbred racing assets with long-term growth potential. Bill Carstanjen, chief executive officer of Churchill Downs Incorporated, stated that the company 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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The Preakness Stakes, first run in 1873, is the second leg of U.S. thoroughbred racing's Triple Crown. The Black-Eyed Susan is a leading race for three-year-old fillies traditionally conducted at Pimlico Race Course on the day before Preakness.