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Churchill Downs Acquires Preakness Stakes for $85 Million

4/21/2026

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Summary

Story summary

Churchill Downs Incorporated agreed to acquire the intellectual property rights to the Preakness Stakes and Black-Eyed Susan Stakes for $85 million.
The deal is to close after the 2026 Preakness on May 16, with Maryland hosting the events under a licensing agreement and paying an annual fee.
The Preakness, first held in 1873, is the second leg of the Triple Crown, giving Churchill Downs control of two races.

History

Historical Context

The Preakness Stakes, established in 1873 at Pimlico Race Course, is a key event in American horse racing and part of the Triple Crown series. Its significance is underscored by Churchill Downs Incorporated's recent $85 million acquisition of its intellectual property rights. This move highlights the race's cultural importance in Maryland and its role in shaping future investments in the sport.

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Story summary

Churchill Downs Incorporated agreed to acquire the intellectual property rights to the Preakness Stakes and Black-Eyed Susan Stakes for $85 million.
The deal is to close after the 2026 Preakness on May 16, with Maryland hosting the events under a licensing agreement and paying an annual fee.
The Preakness, first held in 1873, is the second leg of the Triple Crown, giving Churchill Downs control of two races.

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