Why The Preakness TV Deal Could Reshape The Triple Crown

The Preakness Stake TV deal could be a factor in changing the timing of the Triple Crown. (Photo by Rob Carr)

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The current spotlight on the Preakness is especially significant because the middle jewel’s television rights are up for negotiation after the 2026 edition. NBC has aired the Preakness since 2001 and also broadcasts the Kentucky Derby. Fox Sports could seek to pair the race with its Belmont Stakes coverage, while streamers including Amazon and Netflix have also reportedly shown interest.

“Whether it’s NBC or Fox or ESPN—whoever’s going to get the Preakness rights—if you’re going to pay a lot of money to put this race on TV, you have to be reasonably assured that this isn’t going to keep happening,” Wolken said. “Or else, what’s the race for? It’s no different than another random race.

“For everybody who’s got a financial stake in whatever you consider the Triple Crown to be, priority one has got to be protecting that investment. And the only way you can do that is to move the date. Otherwise, it’s worthless.”

Skipping the Preakness Was Once Unthinkable

The Preakness was first run in 1873, making it two years older than the Derby. Since 1950, it has traditionally been contested two weeks after the Kentucky Derby on the third Saturday in May.

In that span, only 13 Derby winners have skipped the race, including six due to injury or illness. But seven of those absences have come since 2019, illustrating how quickly the trend has accelerated.

Until 1985, it was largely assumed that every healthy Derby winner would continue on to the Preakness in pursuit of the Triple Crown.

Spend A Buck Changed the Economics

Then came Spend a Buck.

The wire-to-wire Derby winner skipped the Preakness and Belmont to pursue a $2 million bonus tied to victories in the Cherry Hill Mile and the Jersey Derby in New Jersey. The move proved lucrative, but it also alarmed racing officials, who feared outside incentives could undermine the Triple Crown’s prestige.

In response, racing leaders created the Chrysler Triple Crown Bonus in 1987, offering up to $5 million to a Triple Crown winner and additional payouts tied to cumulative finishes across the three races. Visa later assumed sponsorship of the bonus program, though the initiative ended in 2005—10 years before American Pharoah ended the sport’s 37-year Triple Crown drought.

Modern Racing Rewards Preservation

Over time, however, factors far more significant than purse money began reshaping the sport.

Breeding value exploded as stallion economics transformed Thoroughbred racing. Elite horses could earn far more at stud than on the racetrack, making preservation increasingly important. Horses also raced less frequently overall. American Pharoah made just 11 lifetime starts, while 1978 Triple Crown winner Affirmed raced 29 times between 1977 and 1979.

At the same time, safety concerns surrounding the breed intensified. The catastrophic breakdown suffered by Barbaro during the 2006 Preakness placed renewed scrutiny on the physical demands of modern racing.

HISA Scrutiny

That scrutiny eventually contributed to stricter medication rules and the arrival of the Horseracing Integrity and Safety Authority, which increased veterinary oversight and pre-race scrutiny of horses’ physical condition.

“Since medication rules have changed, Derbies are different,” Wolken said. “We don’t see speed horses win the Derby as much. Generally, we are not seeing them come back quickly.”

Trainer Doug O'Neill, who won the Derby and Preakness with I'll Have Another, told Wolken that modern veterinary oversight has also made running all three races increasingly difficult.

“They’re really digging into how these horses are doing physically before these big races,” Wolken said, relaying O’Neill’s comments. “You run a horse three times in five weeks, at those distances, stuff is going to come up—body sore, back sore.

“[Doug] said it’s probably not realistic, given the regulatory environment, to run in all three.”

Can the Triple Crown Be Saved?

The primary proposal to “fix” the Preakness is moving the race back one week on the calendar, creating a three-week gap after the Derby. Advocates believe modern trainers would be more willing to run Derby winners back with additional recovery time, though such a move would likely force the Belmont Stakes to shift from its traditional spot on the first weekend in June.

Others argue that may not be enough, instead proposing a month between each Triple Crown race and potentially moving the Belmont closer to Independence Day.

“You can’t deny that the trainers are speaking clearly about the timing,” Wolken said. “They feel like it just does not leave them with a horse they can win races with the rest of the year.”

A Tradition at a Crossroads

For generations, the Triple Crown represented horse racing’s ultimate test of greatness—three races in five weeks demanding speed, stamina and durability. But as Derby winners increasingly bypass Baltimore, the industry must address whether tradition itself must change to preserve the Triple Crown’s future.

This article was originally published on Forbes.com