Churchill Downs agrees to purchase Preakness Stakes for $85 million
AI-generated summary reviewed by our newsroom.
- The $85 million deal won’t be finalized until after the 151st Preakness on May 16.
- The acquisition includes the Black‑Eyed Susan Stakes held at the day before Preakness.
- Churchill Downs will license the Preakness rights to Maryland for an annual fee.
Churchill Downs has agreed to a deal to acquire the rights of the Preakness Stakes, the second leg of the Triple Crown, for a reported $85 million.
The deal includes the intellectual property, all trademarks and associated rights of the Preakness Stakes, the Louisville-based horse racing track announced in a news release. Churchill Downs will license the rights of the Preakness to the state of Maryland for an annual fee.
The deal also includes the acquisition of the Black-Eyed Susan Stakes, an industry-leading race for three-year-old fillies the day before Preakness. Both races are normally run at Pimlico Race Course in Baltimore, but that track is currently undergoing redevelopment.
All racing and training has shifted to Laurel Park in Laurel, Maryland. That’s where this year’s Preakness and Black-Eyed Susan will be run. Next year’s Preakness is expected to return to Pimlico, before additional construction takes place at the Baltimore track.
The deal isn’t expected to be finalized until after the running of the 151st Preakness Stakes, which is scheduled for May 16 at Laurel Park.
The deal was made with Churchill Downs Incorporated and 1/ST Maryland LLC, an affiliate of 1/ST Racing.
“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,” Bill Carstanjen, Chief Executive Officer of Churchill Downs Incorporated, said in a news release. “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.”
The Preakness Stakes has been run since 1873. The deal means Churchill Downs will own the first two legs of the Triple Crown. The third, the Belmont Stakes, is run in New York in early June. Currently, there are two weeks between the Kentucky Derby and Preakness Stakes, and three weeks between the Preakness and Belmont Stakes.
Justify was the last horse to win the Triple Crown in 2018.
Sovereignty won two legs of the Triple Crown last year: The Kentucky Derby and Belmont Stakes. Journalism won the Preakness Stakes after Sovereignty elected to skip the race.
This story was originally published April 21, 2026 at 12:04 PM.
