Churchill Downs buys Preakness Stakes, a move that could shake up Triple Crown
Yahoo Sports • • sports
Key Points:
- Churchill Downs Inc. has acquired the intellectual property rights to the Preakness Stakes for $85 million, potentially reshaping the Triple Crown series by linking the first two legs, the Kentucky Derby and the Preakness.
- The acquisition comes as the Preakness’ television rights are up for bid, and it may lead to a change in the race date to allow more rest between the Derby and Preakness, reflecting trainers' preferences.
- The Preakness will remain at Pimlico, which is undergoing a $400 million renovation managed by the Maryland Stadium Authority; the state will pay a license fee to Churchill Downs to hold the race.
- This deal consolidates control over two of the three Triple Crown races under Churchill Downs, increasing its influence over the series' format, with only the New York Racing Association operating the Belmont Stakes separately.
- The 2024 Preakness will be held at Laurel Park due to Pimlico’s renovations, which are expected to be completed by 2027.
