Preakness Stakes and Black-Eyed Susan Stakes intellectual property rights Acquired by Churchill Downs | Consumer M&A Deal

Churchill Downs has acquired the Preakness Stakes and Black-Eyed Susan Stakes intellectual property rights, a consumer other business in Maryland, for $85 million. The acquisition covers trademarks and associated rights for the Preakness Stakes and the Black-Eyed Susan Stakes, supporting continued operation of both races at Pimlico Race Course. Churchill Downs acquisitions in consumer M&A expand its Thoroughbred racing brand portfolio and strengthen consumer deals MD through control of iconic sports and entertainment IP. The strategic acquisition is structured as an add-on acquisition, funded with cash on hand and its credit facility, with an expected close after the 2026 running of the Preakness Stakes under an exclusive license arrangement back to the State of Maryland for an annual fee.