&imwidth=800&imheight=600&format=webp&quality=medium "Churchill Downs buys Preakness IP rights in historic deal - What it means for Triple Crown?")
Churchill Downs has secured a deal to buy intellectual property rights of Preakness and Black-Eyed Susan Stakes for $85 million. The deal would bring two of three US Triple Crown races under the same umbrella. Churchill Downs owns the rights for Kentucky Derby, first of three Triple Crown races, and will now have Preakness added to the portfolio before the 2026 race, scheduled two weeks after the Derby and is followed by the third race of Triple Crown - Belmont Stakes. The deal, however, doesn't threaten to move the race out of the state of Maryland.
What Churchill Downs owning Preakness rights means?
In simple terms, the state of Maryland will now pay Churchill Downs an annual fee for the rights to continue to hold the race in the state. Earlier, Maryland used to pay Stronach group for the rights, from which it acquired Pimlico race course - home of the Preakness. In a deal struck in 2024, Maryland took over Pimlico but Stronach group continue to own IP right, including name and brand, for the Preakness. The state paid 1/ST Racing, owned by Stronach group, a fee for the rights to hold the races.
What is means for Preakness future?
One thing that could change after Churchill Downs officially becomes owner of IP rights is gap between the Kentucky Derby and Preakness. Currently, the gap is two weeks which has come scrutiny as most Derby winners avoid it because of short turnaround time such as Rich Strike (2022) and Sovereignty (2025). The gap, from as early as 2027, could be increased to three weeks, which eventually may push Belmont Stakes, held three weeks after Preakness, further in future.
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Why is Preakness important?
First run in 1873, Preakness is one of the three Triple Crown races in the US - winning all three is epitome for any horse. It has been held Pimlico Race Course since the beginning, barring in 2026 as the iconic venue is under much-needed renovation. In 2026, Preakness is scheduled at Laurel Park in suburbs of Maryland with attendance kept at fewer than 5,000.
How many horses have won Triple Crown?
Known as one of the most difficult feats to achieve in any sport, only 13 horses have won all three Triple Crown races in one season throughout the history. They are: Sir Barton (1919), Gallant Fox (1930), Omaha (1935), War Admiral (1937), Whirlaway (1941), Count Fleet (1943), Assault (1946), Citation (1948), Secretariat (1973), Seattle Slew (1977), Affirmed (1978), American Pharoah (2015) and Justify (2018).
