Churchill Downs has reached a deal to acquire the intellectual property rights to the Preakness Stakes, the company announced Tuesday, in a move that brings one of US thoroughbred racing’s most celebrated events under the same corporate umbrella as the Kentucky Derby.

Churchill Downs Inc said it will pay $85m to buy the trademarks and associated rights to the Preakness and the Black-Eyed Susan Stakes from 1/ST Maryland LLC, an affiliate of 1/ST Racing.

The agreement covers the intellectual property tied to the races, not the events themselves. Under a separate licensing arrangement, Churchill Downs will grant the state of Maryland the rights needed to continue staging the races in exchange for an annual fee.

The transaction follows a 2024 agreement in which Maryland bought Pimlico Race Course from 1/ST Racing but allowed the company to retain the intellectual property rights to the Preakness and Black-Eyed Susan Stakes. Under that arrangement, 1/ST received annual payments and a share of wagering revenue tied to the races.

The Preakness Stakes, first run in 1873, is the second leg of US horse racing’s Triple Crown, held two weeks after the Kentucky Derby and followed by the Belmont Stakes. The Black-Eyed Susan Stakes, a major race for three-year-old fillies, is traditionally run the day before the Preakness at Pimlico Race Course in northwest Baltimore.

This year’s Preakness will not be run at Pimlico, with the 156-year-old track undergoing much-needed redevelopment. Instead, it is scheduled for Laurel Park in the Maryland suburbs between Baltimore and Washington under limited-capacity conditions, with attendance capped at fewer than 5,000 spectators.

Churchill Downs said the transaction is expected to close after the 2026 running of the Preakness, pending customary conditions. The company plans to fund the purchase with cash on hand and its existing credit facility.

In a statement, Churchill Downs Inc chief executive Bill Carstanjen described the acquisition as a strategic move to expand the company’s portfolio.

“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,” Carstanjen said.

He added that keeping ownership of the Preakness intellectual property within the racing industry would support efforts to maximize the event’s potential, particularly as plans move forward to redevelop Pimlico.

The deal comes amid wider questions about the future of the Triple Crown schedule. The Preakness has been run two weeks after the Kentucky Derby since 1950, but that timing has drawn scrutiny in recent years as an increasing number of Derby winners have skipped the race because of the short turnaround, including Rich Strike (2022) and Sovereignty (2025).

Industry discussions have included the possibility of moving the Preakness to three weeks after the Derby as early as 2027, a shift aimed at encouraging greater participation from top horses. Sources told Sports Business Journal that the race could shift one week later on the calendar beginning in 2027, creating a three-week gap between the Derby and Preakness while almost certainly prompting further adjustments to the timing of the Belmont Stakes.

The race’s media rights are also in flux. NBC’s contract to broadcast the Preakness expires after this year’s running, while future rights negotiations are expected to be tied to any potential changes in the race’s place on the calendar. According to the SBJ report, multiple bidders including NBC, Fox, Amazon and Netflix have expressed interest in the next rights deal, underscoring the event’s value despite broader challenges facing the sport.

The Triple Crown has been called the most difficult feat in US sports: winning America’s three most prestigious races held at three varying distances in three different states over a five-week span. Only 13 horses have swept the Derby, Preakness and Belmont: Sir Barton (1919), Gallant Fox (1930), Omaha (1935), War Admiral (1937), Whirlaway (1941), Count Fleet (1943), Assault (1946), Citation (1948), Secretariat (1973), Seattle Slew (1977), Affirmed (1978), American Pharoah (2015) and Justify (2018).