Churchill Downs strikes $85m deal for Preakness intellectual property rights
Summary
Churchill Downs Inc. has agreed to pay $85 million to buy the intellectual property rights for the Preakness Stakes and the Black-Eyed Susan Stakes horse races. The deal allows Maryland to keep hosting the events through a separate agreement, while Churchill Downs will own the trademarks and related rights.Key Facts
- Churchill Downs will pay $85 million to buy the rights to the Preakness and Black-Eyed Susan Stakes from 1/ST Maryland LLC.
- The purchase covers trademarks and intellectual property, not the actual horse racing events.
- Maryland will continue hosting the races under a licensing deal that includes annual payments to Churchill Downs.
- The Preakness Stakes is part of the Triple Crown and is traditionally run two weeks after the Kentucky Derby.
- This year, the Preakness will be held at Laurel Park instead of Pimlico Race Course due to redevelopment work.
- The deal is expected to close after the 2026 Preakness, funded by Churchill Downs’ cash and credit.
- There is discussion about moving the Preakness to three weeks after the Kentucky Derby starting in 2027 to encourage more top horses to compete.
- TV rights for the Preakness are up for renewal, with networks like NBC, Fox, Amazon, and Netflix interested.
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