Overview
- Churchill Downs, which announced the agreement Tuesday, will pay $85 million to buy the Preakness and Black-Eyed Susan brands from 1/ST Maryland LLC.
- The company will license the race rights back to the State of Maryland for a yearly fee so the events continue under state management.
- Closing is planned after the May 16, 2026 Preakness at Laurel Park during the rebuild of Pimlico Race Course in Baltimore.
- The sale brings commercial control of the first two Triple Crown legs under Churchill Downs, and 1/ST’s Belinda Stronach said it ends the company’s Maryland racing chapter.
- Broadcast rights negotiations are underway with NBC’s deal ending after this year, and multiple outlets report talks about moving the Preakness one week later starting in 2027.