Churchill Downs Inc. Purchases Preakness Stakes
BloodHorse • • sports
Key Points:
- Churchill Downs Inc. (CDI) has agreed to acquire the intellectual property rights to the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Maryland LLC for $85 million, effective starting in 2027.
- CDI already owns the Kentucky Derby and will now control the first two legs of the Triple Crown, licensing the rights back to the State of Maryland to conduct the races in exchange for an annual fee.
- The transaction is expected to close after the 2026 Preakness and will be funded through cash on hand and existing credit facilities; CDI aims to enhance the Triple Crown's growth and the redevelopment of Pimlico Race Course.
- 1/ST Racing, which has managed the Preakness and Maryland racing for years, views the sale as an exit from Maryland operations to focus on assets in California and Florida.
- The acquisition aligns with CDI's strategy to invest in premier thoroughbred racing assets and supports the long-term potential of the Preakness Stakes within the American sports and entertainment landscape.
