(WAVE/WKYT) – Churchill Downs Incorporated says it has reached a definitive agreement to acquire the intellectual property rights to the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Maryland LLC for $85 million, pending customary closing conditions.
This ownership will apply to the trademark and related rights.
Under the deal, the Preakness IP rights would be subject to an exclusive license agreement in which Churchill Downs would license to the State of Maryland the intellectual property needed to run the Preakness and Black-Eyed Susan in exchange for an annual fee.
The Preakness Stakes, first run in 1873, is the second leg of horse racing’s Triple Crown. The Black-Eyed Susan is a major race for three-year-old fillies traditionally held at Pimlico Race Course the day before the Preakness.
“This acquisition adds one of the most iconic brands in American sports to our portfolio,” Churchill Downs CEO Bill Carstanjen said in a statement, adding the company plans to support efforts tied to a redeveloped Pimlico and the Preakness’s role within the Triple Crown.
The race will still run in Maryland.
The sale will close after the 2026 Preakness Stakes. Churchill Downs said it plans to fund the purchase with cash on hand and its existing credit facility.