Churchill Downs buys rights to Preakness, Black-Eyed Susan Stakes

The entrance to Pimlico Race Course in 2023, three years before demolition began to make way for a new grandstand and rejuvenated track. (Photo by Jay Cannon/Capital News Service) The owners of the first leg of horse racing’s Triple Crown now own the property rights to its second leg. Churchill Downs Inc.

announced Tuesday that it has reached an agreement with 1/ST Maryland LLC to purchase the intellectual property rights for the Preakness Stakes and Black-Eyed Susan Stakes. The $85 million deal includes “all trademarks and associated rights” associated with the two Maryland races. “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,” Bill Carstanjen, Churchill Downs CEO, said in a statement announcing the purchase.

“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,” his statement said. The deal is expected to be completed after the running of the 2026 Preakness Stakes. The intellectual property rights purchased by Churchill Downs remain subject to a licensing agreement from 2024.

That year, 1/ST Racing entered into a master agreement with Maryland as part of a deal that includes improvements at the storied Pimlico Race Course and a consolidation of horse racing in the state. Board approves Pimlico contracts in what might be last handout for Maryland racing Under that plan, 1/ST, controlled by the Stronach family, transferred control of all thoroughbred horse racing in Maryland to the state. It also transferred memorabilia and trophies and the Maryland Jockey Club.