Kentucky Derby’s owner buying Preakness Stakes for $85 million
The firm that places on the Kentucky Derby, Churchill Downs Incorporated, has agreed to accumulate the mental property of the Preakness Stakes and Black-Eyed Susan Stakes for $85 million, it introduced Tuesday.
The deal, which continues to be topic to closing circumstances, brings the primary two legs of horse racing’s Triple Crown underneath one entity.
“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,” mentioned Bill Carstanjen, CEO of Churchill Downs, Inc. (CDI). “In maintaining 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 settlement is predicted to be finalized after the 2026 Preakness Stakes, which is scheduled for May 16 at Laurel Park in Laurel, Md., whereas its traditional house, Pimlico Race Course, undergoes renovations. Churchill Downs will license mental property rights to the state of Maryland, however the deal does not change Pimlico’s possession or operations. Licensing, in alternate for an annual price, is a needed course of to function the Preakness and Black-Eyed Susan, Churchill Downs, Inc. mentioned.
CDI declined to remark additional Wednesday when reached by TheAthletic. The Maryland Jockey Club, which operates Pimlico, mentioned in statement that the “Intended transfer does not affect TMJC’s right to full operational control and responsibility for the Black-Eyed Susan and Preakness Stakes, both of which will be held at Pimlico Race Course beginning in 2027.”
The Preakness Stakeshistorically run two weeks after the Kentucky Derby and three weeks earlier than the Belmont Stakesstarted in 1873. The Black-Eyed Susan, a number one race for three-year-old fillies, is normally performed at Pimlico on the day earlier than the Preakness.
The announcement comes simply greater than per week after the Sports Business Journal reported that the Preakness Stakes may shift its dates again by one week and discover a new spot on the racing calendar with new broadcasting rights up for bid in 2027. SBJ additionally reported that the Belmont Stakes may shift its dates relying on who will get the media rights to the Preakness.
“TMJC retains full control of the racing calendar and day-to-day operations for Maryland racing at both Laurel Park and the soon-to-be-rebuilt Pimlico Race Course,” the jockey membership mentioned in its assertion.
