Churchill Downs strikes $85m deal for Preakness intellectual property rights
Kentucky Derby owner to buy Preakness trademarks
Maryland will keep staging race under licensing deal
Move comes amid Triple Crown scheduling debate
Churchill Downs has reached a deal to acquire the intellectual property rights to the Preakness Stakes, the company announced Tuesday, in a move that brings one of US thoroughbred racing’s most celebrated events under the same corporate umbrella as the Kentucky Derby.
Churchill Downs Inc said it will pay $85m to buy the trademarks and associated rights to the Preakness and the Black-Eyed Susan Stakes from 1/ST Maryland LLC, an affiliate of 1/ST Racing.
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