Churchill Downs Buys Rights To Preakness, Black-Eyed Susan Stakes

By Bryan P. Sears, Maryland Matters

April 22. 2026

The owners of the first leg of horse racing’s Triple Crown now own the property rights to its second leg.

Churchill Downs Inc. announced Tuesday that it has reached an agreement with 1/ST Maryland LLC to purchase the intellectual property rights for the Preakness Stakes and Black-Eyed Susan Stakes. The $85 million deal includes “all trademarks and associated rights” associated with the two Maryland races.

“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,” Bill Carstanjen, Churchill Downs CEO, said in a statement announcing the purchase.

“In keeping ownership of the Preakness intellectual property in the racing industry, CDI will support efforts to fully realize the potential of a redeveloped Pimlico and Preakness Stakes within the Triple Crown and the broader sports and entertainment landscape,” his statement said.

The deal is expected to be completed after the running of the 2026 Preakness Stakes.

The intellectual property rights purchased by Churchill Downs remain subject to a licensing agreement from 2024. That year, 1/ST Racing entered into a master agreement with Maryland as part of a deal that includes improvements at the storied Pimlico Race Course and a consolidation of horse racing in the state.

Board approves Pimlico contracts in what might be last handout for Maryland racing

Under that plan, 1/ST, controlled by the Stronach family, transferred control of all thoroughbred horse racing in Maryland to the state. It also transferred memorabilia and trophies and the Maryland Jockey Club.

Stronach also agreed to provide the Woodlawn Vase trophy, awarded to the winner of the Preakness, on permanent loan to the state. The vase, valued at an estimated $7 million, is considered one of the most valuable in sports.

The state also acquired Pimlico Racetrack for $1 and leased Laurel Park for up to four years. Under the lease, the state was to pay $1 for the first year and up to $3.5 million for a fourth year.

The state also received an “exclusive and perpetual license” to the Preakness for an initial 10 years starting this July. The deal automatically extends in five year increments unless terminated by the state. As part of that license, the state is to pay a $3 million base fee that automatically increases by 2% annually. The state would also pay out 2% of the handle from races.

The announcement of the Churchill Downs deal comes a day after Gov. Wes Moore (D) and the Maryland Stadium Authority announced a $48.5 million deal with 1/ST Holdings to purchase Laurel Park. It’s the last facility in Maryland owned by 1/ST and the Stronach family.

In August, Moore helped kick off the razing of the aging Pimlico to make way for a new facility. In the meantime, the 151st Preakness Stakes will run at Laurel Park on May 16. The race is scheduled to return to its traditional home in Northwest Baltimore in 2027, when Pimlico is expected to host 120 days of racing each year.

Purchase of Laurel Park will be reviewed by the Legislative Policy Committee, and is expected to go to the Board of Public Works later this year.

Earlier this year, the stadium authority announced it had ended plans to turn a 328-acre Carroll County property known as Shamrock Farms into a training facility to support Pimlico racing. The state purchased the farm last year for $4.5 million only to determine the costs of converting in into a training facility would be excessive and environmentally problematic.

In a statement, stadium authority officials pledged to “engage in collaborative conversations” with Carroll County government officials regarding future uses for Shamrock Farms.

On Monday, the authority said the 229-acre Laurel Park facility would be redeveloped into a “best-in-class horse training facility.”

Officials said the new plan would save the state more than $50 million. Approximately $26 million of that savings will come from utilizing existing infrastructure for horse stalls rather than building new stables at Pimlico, according to the authority’s statement.

Moore, in a statement called the Laurel Park purchase “a historic step to preserve a legacy that has defined our state for more than a century.”

“By acquiring Laurel Park and establishing it as our statewide training hub, we are delivering a smarter, more cost-effective path to a world-class racing future,” his statement said. “This agreement is cost-effective, creates a sustainable home for our horsemen, and ensures that the Preakness Stakes and Maryland racing remain global icons of excellence for generations to come.”

State officials said Laurel Park will become a “year-round cornerstone” of the state’s horse racing industry. Plans include up to 1,200 stalls renovated by the Maryland Stadium Authority. Also included in the plan is what is billed as a “state-of-the-art” dirt and turf track.

Maryland Matters is part of States Newsroom, a network of news bureaus supported by grants and a coalition of donors as a 501(c)(3) public charity. Maryland Matters maintains editorial independence. Contact Editor Steve Crane for questions: scrane@marylandmatters.org. Follow Maryland Matters on Facebook and Twitter.