The rights to the Preakness Stakes as well as the Black-Eyed Susan Stakes haves been sold as part of an agreement with Churchill Downs.According to a press release, Churchill Downs Incorporated (CDI) has agreed to purchase the intellectual property, including all trademarks and associated rights of the Preakness and Black-Eyed Susan Stakes from 1/ST Maryland LLC, an affiliate of 1/ST Racing for $85 million.The release also states, the rights of the races are subject to an Exclusive License Agreement pursuant to which CDI will license to the State of Maryland the intellectual property rights necessary to conduct the running of the Preakness Stakes and Black-Eyed Susan Stakes in exchange for an annual fee.”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,” said Bill Carstanjen, CEO of CDI. “In keeping 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 expected to be finalize after the running of the 2026 Preakness Stakes.
The rights to the Preakness Stakes as well as the Black-Eyed Susan Stakes haves been sold as part of an agreement with Churchill Downs.
According to a press release, Churchill Downs Incorporated (CDI) has agreed to purchase the intellectual property, including all trademarks and associated rights of the Preakness and Black-Eyed Susan Stakes from 1/ST Maryland LLC, an affiliate of 1/ST Racing for $85 million.
The release also states, the rights of the races are subject to an Exclusive License Agreement pursuant to which CDI will license to the State of Maryland the intellectual property rights necessary to conduct the running of the Preakness Stakes and Black-Eyed Susan Stakes in exchange for an annual fee.
“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,” said Bill Carstanjen, CEO of CDI. “In keeping 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 expected to be finalize after the running of the 2026 Preakness Stakes.
