LOUISVILLE, Ky. — Churchill Downs Incorporated has acquired the intellectual property of the Preakness Stakes.
The Louisville-based corporation announced the deal Tuesday morning. The purchase price was $85 million and is subject to customary closing conditions.
According to a news release, the Preakness IP rights are subject to an exclusive license agreement. Churchill Downs will license to the state of Maryland the intellectual property rights necessary to run the Preakness Stakes and Black-Eyed Susan in exchange for an annual fee.
“This acquisition adds one of the most iconic brands in American sports to our portfolio and is consistent with our strategy of investing in premier Thoroughbred racing assets with long-term growth potential,” said Bill Carstanjen, chief executive officer of CDI. “In keeping ownership of the Preakness intellectual property in the racing industry, CDI will support efforts to fully realize the potential of a redeveloped Pimlico and Preakness Stakes within the Triple Crown and the broader sports and entertainment landscape.”
Churchill Downs is home to the Kentucky Derby, the first leg of the triple crown. The Preakness, run at Pimlico Race Course in Baltimore, is the second leg.
Churchill Downs acquires intellectual property of the Preakness Stakes LOUISVILLE, Ky. — Churchill Downs Incorporated has acquired the intellectual property of the Preakness Stakes. Read the full IIPLA blog post: https://iipla.org/blog/churchill-downs-acquires-intellectual-property-of-the-preakness-stakes