Churchill Downs Incorporated has agreed to acquire the intellectual property rights for the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Racing for $85 million, effectively uniting the first two legs of the U.S. Triple Crown under one ownership. The deal, expected to close after the May 16 Preakness Stakes at Laurel Park, will see Churchill Downs license the rights back to the State of Maryland to continue hosting the races in exchange for an annual fee.

This acquisition aligns with Churchill Downs’ strategy to invest in premier thoroughbred racing assets with long-term growth potential. CEO Bill Carstanjen emphasized that maintaining ownership of the Preakness intellectual property within the racing industry will help maximize the potential of the Pimlico Race Course and the Preakness Stakes within the broader sports and entertainment landscape. The Preakness Stakes, established in 1873, is the second leg of the Triple Crown, while the Black-Eyed Susan Stakes is a key race for three-year-old fillies held the day before the Preakness.