Churchill Downs to acquire Preakness Stakes for $85M, license to MD

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Churchill Downs Incorporated has entered into a definitive agreement to acquire the Preakness Stakes for $85 million, the Louisville-based company announced April 21.

The Preakness Stakes, first run in 1873, is the second leg of the Triple Crown of Thoroughbred Racing traditionally ran at Pimlico Race Course in Baltimore.

The deal also includes the Black-Eyed Susan Stakes, a leading race for 3-year-old fillies that’s also conducted at Pimlico Race Course on the day before Preakness.

“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,” Bill Carstanjen, chief executive officer of Churchill Downs Inc., 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.”

Per the terms of the exclusive license agreement, Louisville-based 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.

Churchill Downs declined further comment April 21, saying it would have more to add during an earnings call scheduled for April 23.

The deal, with seller 1/ST Maryland LLC, an affiliate of 1/ST Racing, is expected to close after the running of the 2026 Preakness Stakes.

“Bringing together two prestigious racing brands, The Kentucky Derby and the Preakness Stakes, is a significant step toward the successful longevity and growth of the American Triple Crown of Thoroughbred Racing,” Belinda Stronach, chairman and CEO of 1/ST, said in a news release. “The agreement with Churchill Downs Incorporated to acquire ownership of the intellectual property rights of the Preakness Stakes, immediately following Preakness 151, closes our company’s Thoroughbred racing chapter in Maryland. 1/ST is proud to have served as a steward of the Preakness Stakes, and we are grateful to the fans, industry stakeholders, the State of Maryland, the City of Baltimore, and the community for their support. We remain focused on our core assets in California and Florida and supporting a strong and sustainable future for the sport.”

The announcement comes a week after the Sports Business Journal, citing unnamed sources, reported the Preakness could move dates on the racing calendar and have a new broadcast home starting in 2027.

NBC Sports’ contract to broadcast the Preakness will run out after this year’s race, scheduled for May 16 at Laurel Park. The Preakness was moved to Laurel this year because of renovations at Pimlico, the traditional home of the race in Baltimore. Pimlico is scheduled to host the Preakness again in 2027 after a $400 million rebuild.

The Preakness has been contested two weeks after the Kentucky Derby since 1950. Sports Business Journal reported the Preakness could be moved to three weeks after the Derby, starting in 2027.

Sports Business Journal reported that whether the Belmont Stakes — traditionally run three weeks after the Preakness — would also shift a week could depend on who wins the media rights to the Preakness.

The Triple Crown’s traditional schedule — Kentucky Derby on first Saturday in May, Preakness two weeks later, Belmont three weeks later — has been debated for years.

It’s been especially prevalent in recent years as connections of Kentucky Derby winners have skipped the Preakness because of the quick two-week turnaround between the races.

Kentucky Derby winners Rich Strike (2022) and Sovereignty (2025) both skipped the Preakness and returned to racing in the Belmont.

Gustavo Delgado Jr. was the assistant trainer for 2023 Kentucky Derby winner Mage, who went on to finish third in the Preakness. Delgado said, given new medication rules that didn’t exist when the Triple Crown schedule was set, he’s in favor of adjusting the timing between race.

“I think it would be better for the (Preakness),” Delgado said. “You have to give horses more time to recover now.”

Trainer Chad Brown, whose Emerging Market is one of the top contenders for this year’s Kentucky Derby, said he’s a fan of the traditions associated with the Triple Crown but also understands those who advocate for change.

“Hopefully they’re able to expand the event,” Brown said. “The Triple Crown is one of those rare pieces of American sports. It would be nice that it’s not only maintained but improved. …

“If it’s not the next couple of years, there’s probably in my lifetime a scenario where it would have to change, I guess.”

Reporting by Jason Frakes, Kathryn Gregory and Matthew Glowicki, Louisville Courier Journal / USA TODAY Network via Reuters Connect.