Churchill Downs Incorporated to acquire Preakness intellectual property rights
The deal includes all trademarks and associated rights.
US.- Churchill Downs Incorporated (CDI) has entered into a definitive agreement to acquire the intellectual property of the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Maryland, an affiliate of 1/ST Racing. It will pay $85m for all trademarks and associated rights.
The company will license the intellectual property rights necessary to conduct the running of the Preakness Stakes and Black-Eyed Susan Stakes to the State of Maryland in exchange for an annual fee. The parties expect the transaction to close after the 2026 Preakness Stakes, subject to customary closing conditions.
Bill Carstanjen, chief executive officer of CDI, said: “This acquisition adds one of the most iconic brands in American sports to our portfolio and is consistent with our strategy of investing in premier Thoroughbred racing assets with long-term growth potential. In keeping ownership of the Preakness intellectual property in the racing industry, CDI will support efforts to fully realise the potential of a redeveloped Pimlico and Preakness Stakes within the Triple Crown and the broader sports and entertainment landscape.”
In Q4, CDI reported record revenue of $665.9m, up 7 per cent year-over-year. Net income was $51.3m, down 28 per cent, while adjusted EBITDA posted a record of $247m, up 4 per cent.
