Preakness IP Rights Acquired by Churchill Downs | Consumer M&A Deal

Churchill Downs has acquired the Preakness IP Rights, a consumer other business in Kentucky, for $85 million. Churchill Downs acquisitions cover the intellectual property, including trademarks and associated rights, for the Preakness Stakes and Black-Eyed Susan Stakes, two iconic thoroughbred racing brands. The Preakness IP Rights acquisition supports Churchill Downs consumer M&A strategy by strengthening control of premier Triple Crown racing assets and enhancing brand value around Pimlico Race Course in Maryland. The public company acquisition is a strategic bolt-on deal expected to close after the 2026 Preakness Stakes, funded with cash on hand and subject to customary closing conditions.