Churchill Downs moves to buy Preakness brand in major shakeup for horse racing
BALTIMORE, MARYLAND - MAY 18: Jockey Jaime Torres riding Seize the Grey #6 wins the 149th running of the Preakness Stakes at Pimlico Race Course on May 18, 2024 in Baltimore, Maryland. (Photo by Samuel Corum/Getty Images)
MARYLAND - One of horse racing’s biggest companies is moving to take control of one of its most iconic events.
What we know:
Churchill Downs Incorporated announced it has reached a definitive agreement to acquire the intellectual property rights to the Preakness Stakes.
The deal focuses on the brand and commercial rights tied to the race, not the physical racetrack.
That includes trademarks, naming rights and other assets that determine how the event is marketed and monetized.
Churchill Downs is best known for operating the Kentucky Derby, the most prominent race in American horse racing.
(Original Caption) PIMLICO RACE COURSE, MD: Going into the first turn of the Preakness Stakes 5/19 Secretariat, the winner of the second jewel of the triple crown, is running last in a field of 6 horses. Behind Secretariat at the finish was Sham in 2
Why you should care:
The Preakness Stakes is one of the three races that make up the Triple Crown.
By acquiring the intellectual property, Churchill Downs would gain significant influence over how the race is presented and managed moving forward.
The move also signals a broader consolidation in the horse racing industry, where major companies are increasingly controlling key events.
What we don't know:
It remains unclear how the deal could affect the long-term future of the race’s location or operations.
Officials have not outlined any immediate changes to how the Preakness will be run.
What's next:
The deal is expected to move forward following standard approvals.
More details about the future of the Preakness and how it will be managed under Churchill Downs could be released in the coming months.
The Source: This article was written using information from Churchill Downs Incorporated.