Churchill Downs to Acquire Preakness Stakes Brands in $85 Million Deal

Churchill Downs Incorporated (CHDN), traded on Nasdaq, has entered into a definitive agreement with 1/ST Maryland LLC, an affiliate of 1/ST Racing, to acquire the intellectual property for the Preakness Stakes and Black-Eyed Susan Stakes. Officially announced on April 21, 2026, the $85 million deal grants the company management rights over the first two legs of the prestigious Triple Crown series. The transaction is designed to support the redevelopment of the Pimlico Race Course while centralizing the management of major racing events. The deal is expected to close following the conclusion of the 2026 Preakness Stakes, further consolidating Churchill Downs' industry leadership. Analysts view this move as a strategic win that secures long-term licensing revenue and strengthens the value proposition for CHDN shareholders. This expansion highlights the company's focus on high-value sports assets and intellectual property within the horse racing sector.