Churchill Downs Incorporated Acquires Preakness Stakes Intellectual Property Rights for $85 Million

Churchill Downs Incorporated Acquires Preakness Stakes Intellectual Property Rights for $85 Million

Churchill Downs Incorporated, based in Louisville, has recently acquired the intellectual property rights of the Preakness Stakes for $85 million. The deal was announced on Tuesday morning and is pending customary closing conditions. As part of the agreement, Churchill Downs will license the necessary intellectual property rights to the state of Maryland to host the Preakness Stakes and Black-Eyed Susan, in exchange for an annual fee. The Preakness Stakes, held at Pimlico Race Course in Baltimore, is the second leg of the triple crown, following the Kentucky Derby at Churchill Downs. Stay tuned for more updates on this acquisition.