Churchill Downs Incorporated announced that it has entered into a definitive agreement to acquire the intellectual property, including all trademarks and associated rights, of the Preakness Stakes and Black‑Eyed Susan Stakes from 1/ST Maryland LLC, an affiliate of 1/ST Racing, for $85 million. The purchase gives Churchill Downs ownership of the intellectual property for the second leg of the Triple Crown and the Grade II Black‑Eyed Susan Stakes.
Under the terms of the deal, Churchill Downs will license the rights annually back to the State of Maryland so that the races can continue to be staged in Maryland. The 2026 Preakness Stakes will be held at Laurel Park on May 16, 2026, while Pimlico Race Course undergoes a major $400 million reconstruction. The agreement is expected to close after that running of the Preakness.
"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. 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," said Bill Carstanjen, CEO of Churchill Downs Incorporated.
The transaction also marks the end of 1/ST Racing’s involvement in Maryland racing. "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. The agreement with Churchill Downs Incorporated to acquire ownership of the intellectual property rights of the Preakness immediately following Preakness 151 (this year's Preakness), closes our company's Thoroughbred racing chapter in Maryland," said Belinda Stronach, Chair and CEO of 1/ST Racing.
By adding the Preakness IP to its portfolio, Churchill Downs expands its premier racing assets beyond the Kentucky Derby, positioning the company to leverage its existing media, wagering and hospitality platforms across a broader Triple Crown footprint. The acquisition also provides a foundation for potential future schedule adjustments and strengthens Churchill Downs’ competitive position in the U.S. horse‑racing industry.
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