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

Churchill Downs has acquired the Preakness Stakes and Black-Eyed Susan Stakes IP, a consumer other business in Kentucky, for $85 million. Churchill Downs acquires Preakness Stakes and Black-Eyed Susan Stakes IP rights tied to the iconic thoroughbred races, including trademarks and associated IP needed to run the events at Pimlico Race Course in Maryland. The Churchill Downs acquisitions expand consumer M&A exposure to premier racing brands, supporting long-term growth in sports and entertainment tied to the Triple Crown. The public company acquisition is a definitive agreement expected to close after the 2026 Preakness Stakes, funded with cash on hand, with an exclusive license structure that provides the State of Maryland an annual-fee license to operate the races.