Churchill Downs Inc. Acquires Preakness Stakes for $85 Million

Churchill Downs Inc. (CDI) has announced a definitive agreement to acquire the intellectual property of the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Maryland LLC, an affiliate of 1/ST Racing, for $85 million, subject to customary closing conditions.

Under the agreement, CDI will license the intellectual property rights back to the State of Maryland under an Exclusive License Agreement in exchange for an annual fee, allowing the Preakness Stakes and Black-Eyed Susan Stakes to continue to be conducted at Pimlico Race Course.

The Preakness Stakes, first run in 1873, is the second leg of the Triple Crown of Thoroughbred Racing. The Black-Eyed Susan is a race for three-year-old fillies traditionally held at Pimlico Race Course on the day before the Preakness.

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, says Bill Carstanjen, Chief Executive Officer, Churchill Downs Inc. 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.

The transaction is expected to close after the running of the 2026 Preakness Stakes and will be funded with cash on hand and CDI's existing credit facility.

LINK:	https://www.sportsvideo.org/2026/04/22/churchill-downs-inc-to-acquire-...
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