Churchill Downs agrees to acquire Preakness Stakes rights for $85m
Churchill Downs agreed to acquire the intellectual property for the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Maryland LLC for $85 million. The deal includes trademarks and associated rights, subject to closing conditions, and the company will license the rights needed to run both races to the State of Maryland for an annual fee. The parties expect to complete the transaction after the 2026 Preakness Stakes.
The deal gives Churchill Downs the race intellectual property while Maryland can stage both events under licence.