Churchill Downs buys Preakness rights for $85M

Churchill Downs acquired the commercial rights to the Preakness Stakes for $85 million, gaining control of the race name, related intellectual property, wagering rights and television distribution tied to the event.

The deal gives Churchill Downs the ability to accept wagers on the Preakness through its platforms and to sell broadcast packages that include Preakness content. Executives said the acquisition lets the company integrate promotional and betting operations with its existing Kentucky Derby brand and its TwinSpires online wagering platform.

The transaction transfers licensing responsibility for the Preakness name, allowing the company to oversee merchandise and sponsorship agreements connected to the race. It also provides direct control of how the Preakness is presented and distributed to national television audiences.

Regulatory approvals and customary closing conditions remain in place. Churchill Downs will work with state racing authorities, on-track partners at Pimlico Race Course and other stakeholders to manage the transition. The company plans to address wagering pools, local agreements and operational details during that process.

The Preakness Stakes is held at Pimlico Race Course in Baltimore, typically about two weeks after the Kentucky Derby. As the middle leg of the Triple Crown, the race draws national interest and substantial betting activity. The acquisition brings ownership of two major spring races and associated media and wagering rights under a single corporate operator.

Churchill Downs Incorporated operates the Kentucky Derby and a national wagering business that includes TwinSpires, along with a portfolio of racetracks and casinos. Racing companies have increasingly treated race ownership and broadcast rights as commercial assets as wagering moves online and sponsorship and media packages grow in importance.