The Louisville-based company announced on Tuesday the agreement to acquire the intellectual property, including all trademarks and associated rights, of Preakness Stakes and Black-Eyed Susan Stakes. The transaction value reaches 85 million dollars. The sale is made by 1/ST Maryland LLC, an affiliate of 1/ST Racing.
The business keeps racing on Maryland. Churchill Downs will license the intellectual property rights necessary to conduct the tests to the state from Maryland in exchange for an annual fee. The operation must be completed after the 2026 edition of Preakness Stakes is competed.
Acordo joins two stages of Triple Crown
The acquisition gives Churchill Downs control of the brands of the first two Triple Crown legs of American racing. The company already organizes Kentucky Derby. Preakness Stakes, traditionally played in May at Pimlico Race Course, at Baltimore, forms the second chapter of the classic series that ends at Belmont Stakes.
Fontes close to the subject indicate that the transaction preserves the operation of races under the responsibility of the state. Maryland Jockey Club reinforced that the agreement does not change the operational control of the tests. Racing continues scheduled for the Pimlico from 2027, after the site’s reconstruction works have been completed.
Detalhes financial and business conditions
The contract includes customary closing clauses. 1/ST Maryland LLC transfers all intellectual property rights to both races. Churchill Downs now holds the trademarks and elements associated with Preakness Stakes and Black-Eyed Susan Stakes, a race reserved for three-year-old fillies contested on the eve of Preakness.
The exclusive license allows the state of Maryland to continue to promote and hold the events. The annual fee to be paid for the license has not been publicly detailed. The closure is expected to take place after the 151st edition of Preakness Stakes, scheduled for May 2026 and which, this year, will be played in Laurel Park due to ongoing works at Pimlico.
- Valor from acquisition: 85 million dollars
- Comprador: Churchill Downs Incorporated
- Vendedor: 1/ST Maryland LLC, affiliate of 1/ST Racing
- Ativos included: trademarks and rights associated with Preakness Stakes and Black-Eyed Susan Stakes
- Condição: annual license to the state of Maryland to carry out races
Declarações on strategy and future of Preakness
The CEO of Churchill Downs Incorporated, Bill Carstanjen, commented on the movement in an official note. Ele highlighted that the purchase adds one of the most iconic brands in American sports to the company’s portfolio. The company’s strategy prioritizes investments in turf assets with long-term growth potential.
The company highlighted its commitment to maintaining intellectual property within the racing sector. The stated objective includes supporting the full development of the refurbished Pimlico and the integration of Preakness Stakes into Triple Crown and the broader sports and entertainment landscape. Maryland Jockey Club issued a separate statement to clarify that operational control of the events remains unchanged.
Contexto works on Pimlico Race Course
Pimlico Race Course has been undergoing reconstruction since 2025. The old structure was demolished to make way for a new complex. The works, financed with state resources from Maryland, aim to modernize the site. The expectation is for Preakness Stakes to return to Pimlico in 2027, with updated capacity and facilities.
Neste year, the race was temporarily moved to Laurel Park, about 20 miles south of Baltimore. The change guarantees the continuity of the event during the construction period. The Black-Eyed Susan Stakes follows the same calendar and location.
The transaction between Churchill Downs and 1/ST Maryland LLC reflects efforts to stabilize the future of the historic race, which has existed since 1873. Preakness Stakes is part of the Triple Crown calendar and attracts national and international attention in racing.
Impacto expected in American racing
The acquisition consolidates Churchill Downs’s position on the elite horse racing circuit. With the Kentucky Derby and now the Preakness Stakes brands, the company directly participates in two of the three classic events. Belmont Stakes remains under different organization.
Especialistas from the sector monitor possible future adjustments to the calendar or promotion of races. Até At the moment, no official changes have been announced. The immediate focus remains on completing the deal and holding the 2026 edition at Laurel Park.
The operation reinforces private investment in traditional turf assets. Ela runs parallel to Maryland’s public efforts to revitalize Pimlico as a racing and entertainment destination.
