Churchill Downs buys Preakness rights, gains control of Triple Crown's first two jewels

Churchill Downs Incorporated has moved from being the Derby’s keeper to the sport’s most powerful gatekeeper, reaching a $85 million deal for the intellectual property tied to the Preakness Stakes and the George E. Mitchell Black-Eyed Susan Stakes. The transaction gives CDI ownership of the trademarks and associated rights for the first two jewels of the Triple Crown, a shift with major consequences for how the series is governed, marketed and sold.

The agreement does not immediately transfer race-day operations out of Maryland. Instead, CDI will hold the rights through an exclusive license arrangement that allows Maryland to continue conducting the Preakness and Black-Eyed Susan for an annual fee. Even so, the strategic impact is unmistakable: one company now controls the brand identity of the Kentucky Derby and the Preakness, the two races that shape the Triple Crown narrative before the Belmont ever enters the conversation.

CDI said it will fund the purchase with cash on hand and its existing credit facility, and the deal is expected to close after the running of the 2026 Preakness Stakes. Bill Carstanjen called the acquisition a fit with CDI’s strategy of investing in premier Thoroughbred racing assets with long-term growth potential, while also saying the company will support efforts to realize the potential of a redeveloped Pimlico and Preakness Stakes. That matters because the Preakness dates to 1873 and the Black-Eyed Susan has traditionally been run at Pimlico the day before the Preakness, making the brand equity far bigger than a single afternoon at the track.

The timing could not be more sensitive for Maryland racing. The 2026 Preakness is set for Laurel Park while Pimlico Race Course is being rebuilt by the state of Maryland, after 1/ST, led by Belinda Stronach’s racing interests, sold the track to the state. CDI’s purchase means the company will own the names that still define the spring calendar even while the actual races remain in Maryland’s hands for now.

That split between ownership and operation could shape everything from scheduling leverage to media-rights negotiations. NBC’s Triple Crown broadcast contract is coming up for renewal after this year, and with CDI already running the Kentucky Derby brand, the company has positioned itself to influence how the first two legs are packaged, promoted and ultimately monetized. The future of the Triple Crown may still feature three races, but its power structure is being rewritten around two names and one increasingly dominant corporate owner.