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Triple Crown Races Unite Under One Owner
23 Apr
Summary
- Churchill Downs Inc. is acquiring the Preakness Stakes intellectual property for $85 million.
- This deal consolidates the first two legs of horse racing's Triple Crown under one entity.
- The acquisition is expected to be finalized after the 2026 Preakness Stakes.
Churchill Downs Incorporated has announced a $85 million agreement to acquire the intellectual property of the Preakness Stakes and Black-Eyed Susan Stakes. This transaction unites the first two legs of horse racing's prestigious Triple Crown under one corporate entity. The deal is projected to conclude after the 2026 Preakness Stakes.
"This acquisition adds one of the most iconic brands in American sports to our portfolio," stated Bill Carstanjen, CEO of Churchill Downs, Inc. He added that CDI will support efforts to enhance the Preakness Stakes within the Triple Crown and the broader sports landscape. The agreement is expected to be finalized after the 2026 Preakness Stakes, scheduled for May 16 at Laurel Park while Pimlico Race Course undergoes renovations.
While Churchill Downs will license intellectual property rights to the state of Maryland, the ownership and operations of Pimlico remain unchanged. The licensing process is a necessary step for operating these races. The Preakness Stakes, established in 1873, traditionally follows the Kentucky Derby, with the Black-Eyed Susan usually run the day prior.
