Churchill Downs Incorporated said Tuesday it has agreed to buy the intellectual property rights to the Preakness Stakes and the Black-Eyed Susan Stakes for $85 million, putting one of horse racing’s best-known events under the same corporate umbrella as the Kentucky Derby. The deal with 1/ST Maryland LLC is expected to close after this year’s Preakness on May 16.
Bill Carstanjen, Churchill Downs’ chief executive, said the purchase adds “one of the most iconic brands in American sports” to the company’s portfolio and fits its strategy of investing in premier thoroughbred racing assets with long-term growth potential. He also said keeping ownership of the Preakness intellectual property inside the racing industry would support efforts to realize the potential of a redeveloped Pimlico and the Preakness Stakes within the Triple Crown and the broader sports and entertainment landscape.
The move comes as Maryland has already taken ownership of Pimlico, razed the old grandstand and plans to build a smaller, more modern facility in time to host the 2027 Preakness. This year’s race will be run at Laurel Park, with attendance capped at 4,800, underscoring how much has changed around the event’s 153-year history. Churchill Downs said it will fund the purchase with cash on hand and its existing credit facility, and the agreement would let it license the rights back to Maryland each year for a fee.
The Preakness, the second Triple Crown jewel in thoroughbred racing, has been under pressure as it navigates a shifting business and broadcast picture. NBC Sports has carried the race since 2001 and is in the final year of its contract, while Fox Sports, Amazon and Netflix have all been reported as interested in the rights. Last year, Derby winner Sovereignty skipped the Preakness and the race drew its lowest ratings since 1995, adding urgency to the question of how the event is packaged, sold and scheduled going forward.
That uncertainty is part of why the latest deal matters now. Sports Business Journal reported this month that the Preakness could move back one week in 2027, and Maryland Jockey Club president Bill Knauf said the organization is “exploring all possibilities for dates and who will be our business partners.” With the state rebuilding Pimlico and the broadcast rights in play, control of the Preakness brand itself has become the central asset in the race’s next chapter.