Churchill Downs Acquires Preakness Stakes Rights from 1/ST in $85M Deal, Reshaping Triple Crown Future

POLICY WIRE — Baltimore, Maryland — A pivotal shift in the landscape of American horse racing has occurred with Churchill Downs reaching an agreement to acquire the “intellectual property rights” for the historic Preakness Stakes from 1/ST, the racing group formerly overseeing Pimlico Race Course.

This landmark transaction, valued at $85 million, effectively transfers control of the Triple Crown’s second jewel to Churchill Downs, which already hosts the Kentucky Derby, the series’ inaugural event. The deal signifies a major consolidation of power within the elite echelons of thoroughbred racing.

The agreement was publicly announced on April 21st and is slated for finalization subsequent to this year’s Preakness race. The 2025 event will still be managed by 1/ST and is scheduled to take place at Laurel Park, as the state of Maryland continues its extensive rebuilding efforts at Pimlico.

Strategic Implications for 1/ST

While industry figures, including Belinda Stronach, head of 1/ST, expressed enthusiasm for the sport’s future, this change marks a significant adjustment for her organization. Stronach emphasized that 1/ST is not withdrawing from the racing industry entirely, despite its departure from the Maryland public racing scene.

The group’s primary focus will now intensify on its highly successful operations at Santa Anita Park in California and Gulfstream Park in Florida, two of the nation’s most prominent tracks.

Churchill Downs’ Expanded Influence

For Churchill Downs, this acquisition represents an exceptionally opportune and strategic move. The decision follows the demolition of the aging Pimlico facility last year, after 1/ST and the state of Maryland finalized a $48 million agreement for state ownership of the track, paving the way for a new grandstand.

With 1/ST having already divested its ownership of the physical track, the timing was ideal for Churchill Downs to secure the Preakness brand. This strategic maneuver positions Churchill Downs to exert significant influence over two of the three legs of horse racing’s most prestigious series. The consolidation echoes broader strategic realignments seen across major American sports, including ongoing discussions around College Football Playoff expansion, where control and revenue generation are paramount concerns.

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Future of Triple Crown Broadcasting

This momentous shift in ownership occurs as NBC’s broadcast contract for the Triple Crown series approaches its renewal date later this year. The expanded control held by Churchill Downs over key events within the series could significantly impact future broadcasting negotiations and the overall presentation of horse racing’s most celebrated championship.