Churchill Downs has entered into a “definitive agreement” to acquire the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Maryland LLC for $85M, according to Frakes, Gregory & Glowicki of the Louisville COURIER JOURNAL. The deal is expected to close after the running of the 2026 Preakness Stakes (Louisville COURIER JOURNAL, 4/21). Churchill Downs is acquiring the intellectual property, including all trademarks and associated rights, of the Preakness Stakes and Black-Eyed Susan Stakes -- traditionally run the day before the Preakness. The transaction will be funded with cash on hand and Churchill Downs’ existing credit facility. Churchill Downs will license the IP rights to the state of Maryland to conduct the running of the Preakness Stakes and Black-Eyed Susan Stakes in exchange for an annual fee (Churchill Downs). BLOODHORSE’s Frank Angst notes beginning in 2027, Churchill Downs -- which already owns the Kentucky Derby -- “will control the first two legs of the Triple Crown” (BLOODHORSE, 4/21).
INTERESTING TIMING: Louisville-based WDRB-Fox’s Eric Crawford writes the deal “arrives at one of the most turbulent stretches in the Preakness’s 153-year history.” The state of Maryland acquired Pimlico Race Course and razed the old grandstand, with plans to erect a smaller, more modern facility in time to host the 2027 Preakness. The race’s “place on the calendar is also in flux,” as SBJ reported that the Preakness could move back one week in 2027 -- from the third Saturday in May to the fourth -- giving horses an extra week of rest after the Kentucky Derby. The scheduling question “is tied to the Preakness’s broadcast future.” NBC Sports -- which has aired the Preakness since 2001 -- is “in the final year of its contract,” with Fox Sports, Amazon, and Netflix all “interested in acquiring the rights” (WDRB.com, 4/21).
