Churchill Downs Incorporated to purchase Preakness intellectual property rights

(AsiaGameHub) –   The agreement encompasses all related trademarks and rights.

US.- Churchill Downs Incorporated (CDI) has finalized an agreement to purchase the intellectual property for the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Maryland, which is affiliated with 1/ST Racing. The purchase price for the complete set of trademarks and associated rights is $85 million.

CDI will grant a license for the intellectual property required to operate the Preakness Stakes and Black-Eyed Susan Stakes to the State of Maryland for a yearly fee. The transaction is anticipated to be finalized following the 2026 Preakness Stakes, pending standard closing requirements.

Bill Carstanjen, CEO of CDI, stated: “This purchase incorporates one of the most legendary brands in American sports into our holdings and aligns with our approach of acquiring top-tier Thoroughbred racing assets that offer long-term growth. By maintaining the Preakness intellectual property within the horse racing sector, CDI will aid in maximizing the possibilities of a revitalized Pimlico and Preakness Stakes as part of the Triple Crown and the wider sports and entertainment industry.”

During the fourth quarter, CDI announced record revenue of $665.9 million, a 7 percent increase compared to the previous year. Net income saw a 28 percent decrease to $51.3 million, whereas adjusted EBITDA reached a new high of $247 million, rising by 4 percent.