BUSINESS

Churchill Downs buys Preakness intellectual property for $85M

PUBLISHED Apr 21, 2026, 11:23 AM ET

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Louisville. Churchill Downs Incorporated announced Tuesday it agreed to acquire the intellectual property rights to the Preakness Stakes and Black‑Eyed Susan Stakes from 1/ST Maryland LLC for $85 million, according to a company release. The agreement transfers trademarks and associated rights while preserving licensing arrangements that permit Maryland to run the events. Baltimore and Maryland officials said this week the deal will include an exclusive license back to the State of Maryland, with Churchill Downs receiving annual fees in exchange for permitting the state to conduct the Preakness and Black‑Eyed Susan. Company CEO Bill Carstanjen framed the purchase as strategic; officials expect the transaction to close after the 2026 Preakness.

By James Porter | JQJO News

Timeline of Events

1873: The Preakness Stakes is first run, establishing a long-standing tradition.
Early 2026: Pimlico redevelopment prompts this year’s Preakness to be held at Laurel Park.
Tuesday (announcement): Churchill Downs agrees to acquire Preakness and Black‑Eyed Susan IP from 1/ST Maryland LLC for $85 million.
Following announcement: Deal terms include an exclusive license back to the State of Maryland for an annual fee.
After 2026 Preakness: Officials expect the transaction to close, pending customary approvals.

News Intelligence

This deal could impact your Preakness viewing experience. Churchill Downs, known for the Kentucky Derby, could bring changes to the Preakness Stakes. Keep an eye on any updates about the race's format, location, or broadcast.

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Who Benefited

Churchill Downs Incorporated stands to gain financially and strategically by acquiring trademarks and monetization rights for the Preakness and Black‑Eyed Susan Stakes, expanding its control over major Triple Crown assets.

Who Impacted

Maryland stakeholders, independent promoters, and some local businesses may face reduced control over branding and potential shifts in revenue allocation due to centralized intellectual‑property ownership.

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