The company that puts on the Kentucky Derby, Churchill Downs Incorporated, has agreed to acquire the intellectual property of the Preakness Stakes and Black-Eyed Susan Stakes for $85 million, it announced Tuesday.
The deal, which is still subject to closing conditions, brings the first two legs of horse racing’s Triple Crown under one entity.
“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 Churchill Downs, Inc. (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 agreement is expected to be finalized after the 2026 Preakness Stakes, which is scheduled for May 16 at Laurel Park in Laurel, Md., while its usual home, Pimlico Race Course, undergoes renovations. Churchill Downs will license intellectual property rights to the state of Maryland, but the deal doesn’t change Pimlico’s ownership or operations. Licensing, in exchange for an annual fee, is a necessary process to operate the Preakness and Black-Eyed Susan, Churchill Downs, Inc. said.
CDI declined to comment further Wednesday when reached by The Athletic. The Maryland Jockey Club, which operates Pimlico, said in a statement that the “intended transfer does not affect TMJC’s right to full operational control and responsibility for the Black-Eyed Susan and Preakness Stakes, both of which will be held at Pimlico Race Course beginning in 2027.”
The Preakness Stakes, traditionally run two weeks after the Kentucky Derby and three weeks before the Belmont Stakes, began in 1873. The Black-Eyed Susan, a leading race for three-year-old fillies, is usually conducted at Pimlico on the day before the Preakness.
The announcement comes just more than a week after the Sports Business Journal reported that the Preakness Stakes could shift its dates back by one week and find a new spot on the racing calendar with new broadcasting rights up for bid in 2027. SBJ also reported that the Belmont Stakes could shift its dates depending on who gets the media rights to the Preakness.
“TMJC retains full control of the racing calendar and day-to-day operations for Maryland racing at both Laurel Park and the soon-to-be-rebuilt Pimlico Race Course,” the jockey club said in its statement.
