AcquisitionsApr 21, 2026, 09:02 AM
Churchill Downs to Acquire Preakness Stakes IP for $85M
AI Summary
Churchill Downs Inc. announced a definitive agreement to acquire the intellectual property rights for the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Maryland LLC for $85 million. This strategic acquisition adds a major iconic brand in American sports to CDI's portfolio, aligning with its strategy to invest in premier Thoroughbred racing assets. The company plans to fund the transaction using cash on hand and its existing credit facility, with closing expected after the 2026 Preakness Stakes. CDI will also license the IP rights back to the State of Maryland for an annual fee to ensure the races continue.
Key Highlights
- Churchill Downs to acquire Preakness Stakes and Black-Eyed Susan Stakes IP rights.
- Purchase price for the intellectual property is $85 million.
- Transaction will be funded with cash on hand and existing credit facility.
- CDI will license IP rights to State of Maryland for an annual fee.
- Closing expected after the 2026 Preakness Stakes.