Churchill Downs Inc has agreed a deal worth $85 million to acquire the intellectual property rights to the Preakness Stakes, bringing one of American racing’s most iconic events under the same ownership as the Kentucky Derby.
The agreement, announced on Tuesday, 21 April 2026, will see Churchill Downs purchase trademarks and associated rights to both the Preakness Stakes and the Black-Eyed Susan Stakes from 1/ST Maryland LLC, an affiliate of 1/ST Racing.
Licensing deal keeps race in Maryland
Importantly, the transaction covers intellectual property rather than the staging of the races themselves. Under a separate licensing arrangement, the state of Maryland will retain the right to host the events and will pay an annual fee to Churchill Downs. This ensures the Preakness will continue to be run in the state, traditionally at Pimlico Race Course, despite the shift in ownership.
Strategic expansion for Churchill Downs
Chief executive Bill Carstanjen described the acquisition as a major strategic step. He said the deal adds “one of the most iconic brands in American sport” to the company’s portfolio and aligns with its long-term strategy of investing in premier thoroughbred racing assets.
“In keeping ownership of the Preakness intellectual property in the racing industry, CDI will support efforts to fully realise the potential of a redeveloped Pimlico and Preakness Stakes within the Triple Crown and the broader sports and entertainment landscape.” Churchill Downs plans to fund the acquisition using existing cash reserves and credit facilities, with the deal expected to close after the 2026 running of the Preakness.
Temporary venue shift amid redevelopment
As reported by The Guardian, the 2026 Preakness will not take place at Pimlico due to ongoing redevelopment of the historic 156-year-old venue. Instead, the race is scheduled to be held at Laurel Park, with attendance capped at fewer than 5,000 spectators. The Black-Eyed Susan Stakes, traditionally run the day before the Preakness, will also follow the temporary relocation.
Churchill Downs Inc. buys Preakness intellectual property for $85 million https://t.co/YyPAAyv98b
— Baltimore Banner Sports (@AllBannerSports) April 21, 2026
The deal comes at a time of growing debate about the structure of the Triple Crown of Thoroughbred Racing. The Preakness has been staged two weeks after the Kentucky Derby since 1950, but critics argue the short turnaround discourages participation from top horses. Recent Derby winners have skipped the race, fuelling calls for reform. Industry discussions suggest the Preakness could move to three weeks after the Derby as early as 2027, a change that would likely trigger adjustments to the timing of the Belmont Stakes.
Media rights and commercial interest
Broadcast rights are also in focus, with NBC’s current deal expiring after this year’s race. Several major players, including traditional broadcasters and streaming platforms, are reportedly interested in securing future rights. This growing competition highlights the enduring commercial value of the Preakness, even as the wider horse racing industry faces challenges.
First run in 1873, the Preakness remains a cornerstone of American horse racing and the second leg of the Triple Crown, one of the most demanding achievements in sport.
Churchill Downs’ legal battles
In other news, Churchill Downs won a federal court ruling that blocked Michigan from enforcing its tethering requirement on TwinSpires on 6 January 2026. The central issue was whether a state could apply traditional racing laws to block a federally compliant online betting platform. On 6 January, the federal court ruled in favour of allowing the platform to operate.
In January, the Oxford Casino Hotel, owned by Churchill Downs, filed a lawsuit in the US District Court seeking to block Maine’s new iGaming law, LD 1164. The measure, allowed to take effect by Governor Janet Mills without her signature, grants the state’s four recognised tribes exclusive rights to operate online casino gaming. LD 1164 is a new law in Maine that legalises online casino gaming and gives the Wabanaki Nations exclusive rights to operate it. The casino argues the law, dubbed “The Monopoly Law,” violates state and federal constitutions and could harm Maine’s economy.
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