Churchill Downs Incorporated announced the purchase of the Preakness Stakes on Tuesday from 1/ST Maryland. The deal gives the Kentucky-based company the rights to two of horse racing’s Triple Crown events.
CDI also owns and runs the Kentucky Derby at the company’s namesake track in the Bluegrass State. As part of the $85 million deal, it also acquired the Black-Eyed Susan Stakes.
The Preakness is traditionally held at Pimlico Race Course in Baltimore two weeks after the Derby. However, this year’s event is set for Laurel Park in Maryland as Pimlico undergoes a $400 million renovation.
The third race of the Triple Crown – the Belmont Stakes held at Saratoga Race Course in Saratoga Springs, NY – runs three weeks after the Preakness.
“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,” CDI CEO Bill Carstanjen said.
“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.”
Staying In Maryland
Under terms of the deal, CDI gains the intellectual property of the two races, including all trademarks and associated rights. The company will then license those rights to the state of Maryland to run the race in exchange for an annual fee.
Sport Business Journal reported that Preakness officials had been in negotiations for a new media rights agreement, and that may have played a role in the sale. The race’s deal with NBC is set to expire after this year’s running. Fox Sports, Amazon, and Netflix have shown interest in broadcasting the race.
The Preakness was first run in 1873. The Black-Eyed Susan is a leading race for 3-year-old fillies traditionally conducted at Pimlico a day before the Preakness.
The transaction is expected to be completed after this year’s running of the race, which is set for May 16. The Kentucky Derby is set for May 2, with the Belmont closing out the series on June 6.
Last year, Journalism won the Preakness and Sovereignty won the Kentucky Derby and the Belmont. The 2025 Derby set wagering records, with $234.4 million bet on the race.
The horse racing industry has been in a whirlwind lately. In January, the California Department of Justice raided a horse track to remove slot machine-like gambling devices.
Last year, Florida legislators introduced legislation last year allowing two tracks to “decouple” their gambling licenses from races. However, the measure failed.
