(WKYT) – Churchill Downs Inc. is no longer purchasing the intellectual property rights to the Preakness Stakes.
The company announced on Thursday that it had been notified by the state of Maryland of its intention to exercise rights under state law to acquire the intellectual property rights to the Preakness and Black-Eyed Susan Stakes from 1/ST Maryland LLC.
Maryland matched Churchill’s purchase price of $85 million.
“We understand why the state of Maryland would decide to acquire the Preakness IP rights as a state-owned asset from 1/ST Maryland LLC,” said Bill Carstanjen, the CEO of CDI. “We remain committed to working with the Governor and other elected leaders and horse racing constituents in Maryland to fully realize the potential of a redeveloped Pimlico and Preakness Stakes within the Triple Crown and the broader sports and entertainment landscape.”
CDI had previously announced a deal to purchase the rights in April.