Churchill Downs agrees to buy Preakness Stakes rights for $85m
Churchill Downs has agreed to acquire the intellectual property and associated rights for the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Maryland LLC in a reported $85m transaction. The rights remain subject to an exclusive licence arrangement, under which Churchill Downs will need to license them to the State of Maryland for an annual fee.
The agreement would transfer event rights to Churchill Downs while requiring continued licensing to Maryland.