Churchill Downs makes a move and secures the rights to the Preakness Stakes

Beginning in 2027, it will control two legs of the Triple Crown, in a move that reshapes the landscape of American racing

LOUISVILLE, Kentucky (Special to Turf Diario).- In a decision that could mark a turning point for the industry, Churchill Downs Incorporated announced the purchase of the intellectual property rights to the Preakness Stakes, the second jewel of the American Triple Crown.

The deal, finalized with 1/ST Maryland LLC—an affiliate of 1/ST Racing—also includes the Black-Eyed Susan Stakes (G2) and was completed for US$85 million. With this move, the Louisville-based company will control, beginning in 2027, the first two legs of the sport’s premier series, as it already owns the Kentucky Derby.

According to reports, the agreement provides that CDI will license those rights to the state of Maryland so the race can continue to be run there, in exchange for an annual fee, thus preserving its historic roots at its traditional venue.

The move is part of a clear strategy. “This acquisition adds one of the most iconic brands in American sport to our portfolio,” said CEO Bill Carstanjen, pointing to long-term growth and the enhancement of the product within the broader sports entertainment landscape.

Beyond the business impact, the announcement comes amid a period of transition for racing in Maryland. The Preakness, run since 1873, has been undergoing structural changes, including the redevelopment of historic Pimlico Race Course, where the race is expected to return in 2027 after a temporary stint at Laurel Park.

Officials from the Maryland Jockey Club clarified that the transaction will not affect operational control or the racing calendar, which will remain under its oversight, nor will it impact existing broadcast rights.

For 1/ST Racing, the sale represents the end of a chapter in Maryland, while maintaining its focus on key jurisdictions such as California and Florida.

On a broader scale, the move further strengthens Churchill Downs’ position within American racing and raises questions about the future balance of the Triple Crown, particularly regarding the Belmont Stakes, which remains outside this structure.

Business, tradition, and power intersect in a decision that will undoubtedly have far-reaching consequences. Because when two jewels of the Triple Crown fall under the same roof, the board changes.