DealsJun 18, 2026, 05:00 PM
Maryland to Acquire Preakness IP, Matching Churchill Downs' $85M Offer
AI Summary
Churchill Downs Incorporated announced that the State of Maryland intends to exercise its rights to acquire the intellectual property (IP) of the Preakness Stakes and Black-Eyed Susan Stakes. The state will match Churchill Downs' previously announced $85 million purchase price for these IP Rights from 1/ST Maryland LLC. Churchill Downs' CEO, Bill Carstanjen, stated the company understands the state's decision and remains committed to working with Maryland leaders on the redevelopment of Pimlico and the Preakness Stakes.
Key Highlights
- State of Maryland to acquire Preakness IP Rights, including trademarks.
- State will match Churchill Downs' $85 million purchase price for the IP.
- The IP Rights include the Preakness Stakes and Black-Eyed Susan Stakes.
- Churchill Downs had a prior agreement to acquire the IP from 1/ST Maryland LLC.
- Churchill Downs CEO expressed understanding and commitment to Maryland racing.
- The acquisition by the state prevents Churchill Downs' planned purchase.
Price Impact
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