LOUISVILLE, Ky. (WDRB) — Churchill Downs Incorporated announced Tuesday that it has reached an agreement to purchase the intellectual property rights to the Preakness Stakes and Black-Eyed Susan Stakes for $85 million — a move that would bring the brand of thoroughbred racing’s second Triple Crown jewel under Louisville ownership.
The seller is 1/ST Maryland LLC, an affiliate of 1/ST Racing, the Stronach Group entity that had retained the Preakness trademark even after relinquishing day-to-day racing operations in Maryland to a state-run entity last year. Under the agreement, CDI would then license those rights back to the State of Maryland for an annual fee, allowing the race to continue to be run in Baltimore — or wherever Maryland chooses to stage it.
CDI chief executive Bill Carstanjen framed the acquisition in terms of long-term brand value…