Churchill Downs to buy Preakness Stakes, Black-Eyed Susan Stakes brands for $85 million
Churchill Downs Incorporated has reached an agreement to buy the trademarks and rights to the Preakness Stakes and Black-Eyed Susan Stakes brands for $85 million, the company announced.
The acquisition of the intellectual property means Churchill Downs will manage the rights for the first two legs of the Triple Crown, which includes the Kentucky Derby.
"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," said Churchill Downs CEO Bill Carstanjen. "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."
Under the agreement, the company will license the rights to Preakness to Maryland for a yearly fee. The sale is expected to close after the 2026 running of the Preakness Stakes, set for May 16.
"Bringing together two prestigious racing brands, The Kentucky Derby and the Preakness Stakes, is a significant step toward the successful longevity and growth of the American Triple Crown of Thoroughbred Racing," said Belinda Stronach, Chairman and CEO of 1/ST Maryland LLC, the current operator of Preakness.
According to Stronach, the move closes the company's racing chapter in Maryland.
Churchill Downs has hosted and managed the Kentucky Derby since its first running in 1875. It is the longest continuously held sports even in the United States.
The first Preakness Stakes was held in 1873. The Black-Eyed Susan is the leading race for 3-year-old fillies. It's usually held the day before Preakness.
The announcement comes as Maryland prepares for the 151st running of the Preakness Stakes at Laurel Park, with Pimlico Race Course undergoing a major renovation project.
Preakness, the second leg of the Triple Crown, is held two weeks after the Kentucky Derby. The final leg, the Belmont Stakes, is held three weeks after Preakness.
The announcement comes a day after the Maryland Stadium Authority announced a $50 million plan to buy Laurel Park and redevelop it into a horse training facility.
