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

Churchill Downs has completed the acquisition of Preakness Stakes IP rights, a consumer other business in Maryland, for $85 million. Churchill Downs acquisitions focus on securing Preakness Stakes intellectual property used to support race branding and fan engagement tied to the Triple Crown’s second jewel. The consumer M&A add on acquisition also includes licensing arrangements where Churchill Downs licenses the Preakness Stakes IP rights to 1/ST Maryland LLC for ongoing race operations in Maryland. The strategic acquisition is structured as an add on acquisition, with Churchill Downs expected to close after the 2026 Preakness and fund the $85 million purchase with cash and existing credit.