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Churchill Downs Inc. has acquired the intellectual rights to the Preakness Stakes for $85 million, starting with the 2027 race. This deal may lead to changes in the scheduling of the Triple Crown events.
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The Kentucky Derby could soon control the future dates of horse racing's Triple Crown.
Churchill Downs Inc., the parent company that owns the Kentucky Derby, announced on Tuesday, April 21, that it has reached a definitive agreement to acquire the intellectual rights to the Preakness Stakes for $85 million beginning with the 2027 edition of the race.
The acquisition announcement comes on the heels of a report that the Preakness Stakes could shift dates, as multiple networks and streaming entities jockey for the right to broadcast the second leg of the Triple Crown. The current NBC contract for the Preakness Stakes is set to expire after this year's race.
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The deal is expected to close after the running of the 2026 Preakness Stakes, which will be held at Laurel Park in Maryland on May 16 as Pimlico undergoes renovations expected to be completed in time for next year's race.
Churchill Downs, Inc., will also control the Black-Eyed Susan Stakes for 3-year old fillies the day before Preakness as part of its agreement with seller 1/ST Maryland LLC, an affiliate of 1/ST Racing.
Churchill Downs, Inc. will license to the State of Maryland the intellectual property rights necessary to run the Preakness Stakes and Black-Eyed Susan Stakes in exchange for an annual fee. The Kentucky Derby at Churchill Downs in Louisville, Kentucky, is traditionally the first leg of the Triple Crown, with the Preakness Stakes at Pimlico Race Course in Baltimore scheduled for two weeks later.
The acquisition allows Churchill Downs to influence the scheduling and management of the Preakness Stakes, potentially impacting the entire Triple Crown series.
The ownership transfer will take effect starting with the 2027 edition of the Preakness Stakes.
Changes in the Preakness Stakes date could lead to a restructured schedule for the Triple Crown, depending on broadcasting rights and agreements.

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Sports Business Journal reported on April 13 that the Preakness Stakes could move to one week later in May, and provide a three-week gap from the Kentucky Derby, as part of negotiations for its next media rights deal with suitors like NBC, FOX, Amazon and Netflix. Two of the past four Kentucky Derby winners, including Sovereignty in 2025, have skipped the Preakness.
Based on this acquisition, the organizers of the Kentucky Derby can decide what network or streaming company will broadcast the first two legs of the Triple Crown moving forward. Churchill Downs, Inc., made clear in its announcement Tuesday that the interests of these two historic horse races are tied together like never before.
“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,” Churchill Downs Inc., CEO Bill Carstanjen said in a news release. “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.”
This article originally appeared on USA TODAY: Churchill Downs buys Preakness Stakes: What it means for horse racing