Preakness to be purchased by Churchill Downs for $85 million

The rights to the Preakness Stakes in addition to the Black-Eyed Susan Stakes have been offered as a part of an settlement with Churchill Downs.

According to a press launch, Churchill Downs Incorporated (CDI) has agreed to buy the mental property, together with all emblems and related rights of the Preakness and Black-Eyed Susan Stakes from 1/ST Maryland LLC, an affiliate of 1/ST Racing for $85 million.

The launch additionally states, the rights of the races are topic to an Exclusive License Agreement pursuant to which CDI will license to the State of Maryland the mental property rights needed to conduct the working of the Preakness Stakes and Black-Eyed Susan Stakes in change for an annual payment.

“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 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 deal is anticipated to be finalized after the working of the 2026 Preakness Stakes.