Churchill Downs has announced the acquisition of the intellectual rights of Maryland LLC’s Preakness Stakes and Black-Eyed Susan Stakes races – typically run at Pimlico Racecourse in the Old Line State.
Indeed, the acquisition to the intellectual rights of these two horseracing micro-events for $85m sees Churchill Downs expand its sports wagering trademark portfolio – with the deal reportedly expected to close after the 2026 Preakness Stakes runs on 16 May, subject to final regulatory approvals.
The Black-Eyed Susan and Preakness Stakes are traditionally observed at Pimlico Racecourse during May, with three-year-old fillies and Thoroughbreds running in each race, respectively. Regarding the Preakness Stakes, specifically, Churchill Downs Incorporated will undergo an exclusive license agreement procedure with the State of Maryland to ensure the intellectual property rights that are necessary for the running of the event are secured.
This latest announcement comes shortly after Churchill Downs claimed victory over the Horseracing Integrity and Safety Authority earlier this month, after the authority opened an investigative case relating to deaths that occurred in the 2023 Kentucky Derby.
Commenting on this pending acquisition was Churchill Downs Incorporated CEO Bill Carstanjen, who said: “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.
“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.”
It was a busy start to the year for Churchill Downs, which unveiled a record $665.9m quarterly revenue for the final quarter of last year as part of its FY 2025 report, released in February. The operator also reported a 7% rise in full year revenue to $2.9bn despite a 28% year-over-year drop in net income.
The Preakness Stakes was first run in 1873, making it one of the oldest horseracing events in the US
