Churchill Downs Acquires Preakness Stakes Intellectual Property for $85 Million
Horse racing-Churchill Downs to buy Preakness intellectual property for $85 mln
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Churchill Downs Incorporated has finalized a deal to acquire the intellectual property of the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Racing for $85 million. The acquisition aims to enhance the brand's presence in U.S. thoroughbred racing and is expected to close after the May 16 Preakness Stakes in Laurel, Maryland.
- 01Churchill Downs is acquiring Preakness Stakes IP for $85 million.
- 02The deal will close after the May 16 Preakness Stakes.
- 03The acquisition aligns with Churchill Downs' strategy to invest in premier racing assets.
- 04Preakness Stakes is the second leg of the U.S. Triple Crown, first held in 1873.
- 05Churchill Downs plans to license the rights to the State of Maryland for conducting the races.
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Churchill Downs Incorporated has announced an agreement to purchase the intellectual property of the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Racing for $85 million. This acquisition will unite the first two legs of the U.S. thoroughbred racing's Triple Crown, enhancing Churchill Downs' portfolio, which already includes the Kentucky Derby. The transaction is expected to close after the Preakness Stakes, scheduled for May 16 at Laurel Park in Laurel, Maryland. Bill Carstanjen, CEO of Churchill Downs, emphasized that this deal supports the potential redevelopment of Pimlico and the races within the broader sports and entertainment landscape. The Preakness Stakes has a rich history, first run in 1873, and the Black-Eyed Susan is a prominent race for three-year-old fillies held the day before the Preakness.
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This acquisition could enhance the economic viability of the Preakness Stakes and related events, potentially increasing tourism and local business revenue in Laurel, Maryland.
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