Churchill Downs to buy Preakness Stakes IP for $85 million, uniting first two Triple Crown legs

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Churchill Downs Incorporated has entered into a definitive agreement to purchase the intellectual property rights of the Preakness Stakes and Black-Eyed Susan Stakes for a price of $85 million.

This will allow Churchill Downs to manage the rights for the first two legs of horse racing's Triple Crown, alongside the Kentucky Derby, which is hosted at Churchill Downs in Louisville, KY.

"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, Chief Executive Officer 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 close after this year's Preakness Stakes runs at Laurel Park in Laurel, Maryland, amid renovations to its traditional home at Pimlico Race Course in Baltimore. As part of the agreement, Churchill Downs will license the rights to the Preakness Stakes to the state of Maryland for an annual fee.

The Preakness Stakes currently runs two weeks after the Kentucky Derby, which has become a point of contention in the horse racing community. Several Derby contestants skip the Preakness due to that fast turnaround, including winners like 2025's Sovereignty, which diminishes overall interest in the Triple Crown.

According to Sports Business Journal, there is serious discussion about moving the Preakness back a week, starting in 2027, to create a larger gap between Triple Crown races in hopes of getting more horses from the Derby into the Preakness. That would increase the value of the rights as they look for a new broadcast deal, as the general public is far more likely to tune in to the second leg of the Triple Crown if the Derby winner is running with a shot at the Triple Crown.

If the Preakness were to push its race date back a week, that could have a trickle-down effect on the Belmont Stakes, which is currently three weeks after the Preakness. The Belmont could push back a week as well, but that remains to be seen, and could be dependent on which network acquires broadcast rights to the Preakness.