Churchill Downs Inc. buys Preakness intellectual property for $85 million
AP News
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Churchill Downs Incorporated says it has entered into an agreement to acquire the intellectual property for the Preakness Stakes and Black-Eyed Susan-Stakes from 1/ST Racing's Maryland department for $85 million.
The deal is subject to customary closing conditions.
Churchill Downs plans to license the rights annually to the state of Maryland to stage the races.
The parties expect the transaction to close after the next running of the Preakness, which is set to happen at Laurel Park on May 16 while Pimlico Race Course in Baltimore is rebuilt as part of a major reconstruction project.
Churchill Downs Buys Preakness Rights
- Churchill Downs strikes $85m deal for Preakness intellectual property rights The Guardian —
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- Churchill Downs to buy Preakness Stakes IP for $85 million, uniting first two Triple Crown legs CBS Sports —
- Churchill Downs Inc. buys Preakness intellectual property for $85 million ABC News —
- Churchill Downs buys Preakness Stakes: Will Triple Crown change dates? USA Today —