Posted on: April 21, 2026, 10:40h.
Last updated on: April 21, 2026, 10:40h.
Churchill Downs (NASDAQ: CHDN) announced today it is acquiring the intellectual property rights associated with the Preakness Stakes for $85 million.
Horses and jockeys participate in the 2017 Preakness Stakes in Baltimore. Churchill Downs is buying the intellectual property associated with the race. (Image: Getty Images)With the acquisition, the buyer adds the second leg of horse racing’s Triple Crown to a portfolio that already includes the iconic Kentucky Derby. 1/ST Maryland LLC, an affiliate of 1/ST Racing, is selling the Preakness rights. The Preakness Stakes, which is run at Pimlico Race Course in Baltimore, is run on the third Saturday of May, or two weeks after the Kentucky Derby.
The Preakness IP Rights are subject to an Exclusive License Agreement pursuant to which CDI will license to the State of Maryland the intellectual property rights necessary to conduct the running of the Preakness Stakes and Black-Eyed Susan Stakes in exchange for an annual fee,” according to a statement.
The Black-Eyed Susan, which is usually run the day before the Preakness Stakes, is a marquee race for three-year-old fillies and can be viewed as the second leg of the Triple Crown for female horses after the Kentucky Oaks.
Churchill Downs Could Rejuvenate Preakness
The first running of the Preakness occurred in 1873, putting it just a couple of decades behind the Derby in terms of age. The Derby is North America’s longest-running continuous sporting event as this year will be the 152nd consecutive edition of the race.
While the Preakness is one of the biggest races in the sport, it’s lagged the Derby’s success in recent years, but that could also be a sign that there’s room for Churchill Downs to work some magic and restore some of the Preakness’s lost luster.
“From 2014 to 2019, TV viewership for the race ranged between six million and eight million but has drifted below these levels in the last three years,” notes Jefferies analyst David Katz. “For reference, the Kentucky Derby viewership range was 14 million to 16 million from 2014 to 2019 but averaged 17.7 million last year and 16.7 million in 2024. Further, attendance at the Preakness Stakes ranged between 130K and 140K pre-COVID with the peak year in 2017 but post-COVID has ranged between 42K and 47K.”
Betting on the Derby and the related weekly slate broke records in each of the past several years, confirming Churchill Downs is adept at not only luring visitors to its Kentucky track for Derby Week festivities, but also leveraging its television deal with NBC to get more eyeballs on that race. The Preakness is also broadcast by that network.
Maybe a Good Deal for Churchill Downs
Churchill Downs is funding the Preakness acquisition with cash on hand and an existing credit facility. That’s not big outlay of capital and the buyer will generate fees from the race and Pimlico Race Course, which is operated by the state of Maryland.
“While it seems the initial investment is solely for branding rights, we expect there is a pathway to further collaboration with the state where CHDN can provide operating expertise and synergies with the Kentucky Derby,” adds Katz. “Today, the deal provides stable fee income, which should be viewed as positive for the shares. We do not view this is a deterrent for additional M&A participation over the medium term and consider this, along with continued deleveraging, as the key catalysts to monitor going forward.”
The transaction is expected to close after the running of the Preakness.
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