LOUISVILLE, Ky. — Churchill Downs Inc. is acquiring the intellectual property rights to the Preakness Stakes for $85 million, giving the company control of the first two legs of horse racing’s Triple Crown. The deal, announced Tuesday, includes the trademarks and associated rights to both the Preakness and the Black‑Eyed Susan Stakes.
The seller, 1/ST Maryland LLC, an affiliate of 1/ST Racing, will transfer the rights following this year’s running of the Preakness. Under the agreement, Churchill Downs will license the Preakness and Black‑Eyed Susan rights back to the state of Maryland for an annual fee, allowing the races to continue at Pimlico Race Course or another state‑designated venue.
Churchill Downs CEO Bill Carstanjen said the acquisition aligns with the company’s strategy of investing in premier Thoroughbred racing assets. “This acquisition adds one of the most iconic brands in American sports to our portfolio,” Carstanjen said, adding that the company intends to support redevelopment efforts at Pimlico and strengthen the Preakness within the Triple Crown landscape.
First run in 1873, the Preakness is held two weeks after the Kentucky Derby and is traditionally staged at Pimlico in Baltimore. The Black‑Eyed Susan, run the day before the Preakness, is a leading race for three‑year‑old fillies.
The purchase comes as the Preakness faces declining attendance and viewership. While the race drew between 130,000 and 140,000 fans before the pandemic, recent editions have attracted fewer than 50,000. Television audiences have also slipped from the 6–8 million range seen from 2014 to 2019. Analysts say Churchill Downs’ stewardship could help revive the event’s profile, mirroring the Derby’s strong broadcast and wagering growth.
Churchill Downs will fund the acquisition with cash on hand and an existing credit facility. Analysts say the deal provides stable fee income and could open the door to deeper operational collaboration with Maryland. The transaction is expected to close after this year’s Preakness.
