Churchill Downs strikes $85m deal for Preakness intellectual property rights; The Guardian, April 21, 2026

 Bryan Armen Graham , The Guardian; Churchill Downs strikes $85m deal for Preakness intellectual property rights

"Churchill Downs has reached a deal to acquire the intellectual property rights to the Preakness Stakes, the company announced Tuesday, in a move that brings one of US thoroughbred racing’s most celebrated events under the same corporate umbrella as the Kentucky Derby.

Churchill Downs Inc said it will pay $85m to buy the trademarks and associated rights to the Preakness and the Black-Eyed Susan Stakes from 1/ST Maryland LLC, an affiliate of 1/ST Racing.

The agreement covers the intellectual property tied to the races, not the events themselves. Under a separate licensing arrangement, Churchill Downs will grant the state of Maryland the rights needed to continue staging the races in exchange for an annual fee.

The transaction follows a 2024 agreement in which Maryland bought Pimlico Race Course from 1/ST Racing but allowed the company to retain the intellectual property rights to the Preakness and Black-Eyed Susan Stakes. Under that arrangement, 1/ST received annual payments and a share of wagering revenue tied to the races.

The Preakness Stakes, first run in 1873, is the second leg of US horse racing’s Triple Crown, held two weeks after the Kentucky Derby and followed by the Belmont Stakes. The Black-Eyed Susan Stakes, a major race for three-year-old fillies, is traditionally run the day before the Preakness at Pimlico Race Course in northwest Baltimore."