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Churchill Downs Incorporated Announces Definitive Agreement to Acquire Preakness Intellectual Property Rights
LOUISVILLE, Ky., April 21, 2026 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (the “Company”, “CDI”, “we”) announced today that it has
About this update from Churchill Downs, Incorporated
[{"type":"text","content":"LOUISVILLE, Ky., April 21, 2026 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (the “Company”, “CDI”, “we”) announced today that it has entered into a definitive agreement to acquire the intellectual property, including all trademarks and associated rights, of the Preakness Stakes and Black-Eyed Susan Stakes (the “Preakness IP Rights”) from 1/ST Maryland LLC, an affiliate of 1/ST Racing, for a purchase price of $85 million, subject to customary closing conditions (the “Transaction”). The Preakness IP Rights are subject to an Exclusive License Agreement pursuant to which CDI will license to the State of Maryland the intellectual property rights necessary to conduct the running of the Preakness Stakes and Black-Eyed Susan Stakes in exchange for an annual fee. The Preakness Stakes, first run in 1873, is the second leg of the Triple Crown of Thoroughbred Racing. The Black-Eyed Susan is a leading race for three-year-old fillies traditionally conducted at Pimlico Race Course on the day before Preakness. “This acquisition adds one of the most iconic brands in American sports to our portfolio and is consistent with our strategy of investing in premier Thoroughbred racing assets with long-term growth potential,” said Bill Carstanjen, Chief Executive Officer of CDI. “In keeping ownership of the Preakness intellectual property in the racing industry, CDI will support efforts to fully realize the potential of a redeveloped Pimlico and Preakness Stakes within the Triple Crown and the broader sports and entertainment landscape.” The parties expect the Transaction to close after the running of the 2026 Preakness Stakes. The Transaction will be funded with cash on hand and the Company’s existing credit facility. About Churchill Downs Incorporated Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) has been creating extraordinary entertainment experiences for over 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the acquisition, development, and operation of live and historical racing entertainment venues, the growth of online wagering businesses, and the acquisition, development, and operation of regional casino gaming properties. www.churchilldownsincorporated.com This news release contains various \"forward-looking state...