Churchill Downs Just Bought the Preakness for $85M — What It Means for Triple Crown Bettors

The Kentucky Derby is 10 days away, and Churchill Downs Incorporated just made a move that will shape American horse racing for years to come. On April 21, 2026, CDI announced a definitive agreement to acquire the intellectual property rights of the Preakness Stakes and the Black-Eyed Susan Stakes from 1/ST Maryland LLC — an affiliate of 1/ST Racing — for $85 million. The deal gives Churchill Downs ownership of two of the three Triple Crown legs and raises real questions about what the sport looks like long term for bettors and fans alike.

What Churchill Downs Is Actually Buying

The $85 million covers all trademarks and associated rights for both the Preakness Stakes and the Black-Eyed Susan Stakes, the marquee race for 3-year-old fillies traditionally held the day before the Preakness at Pimlico Race Course in Baltimore. CDI is not buying Pimlico, and it is not buying the operations of the races themselves. The Maryland Jockey Club retains full day-to-day operational control. What CDI is buying is the brand — and that is worth more than it might initially seem.

To allow the races to continue running at their Maryland venues, CDI will license the IP back to the State of Maryland on an annual basis. The deal is expected to close after the 2026 Preakness Stakes runs on May 16. CDI CEO Bill Carstanjen put it plainly: “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.”

One Company Now Controls Two-Thirds of the Triple Crown

Churchill Downs already owns the Kentucky Derby outright — the race runs on its namesake track in Louisville, Kentucky. With the Preakness IP now in CDI’s hands, the company controls the brand identity of the first two legs of the Triple Crown. The Belmont Stakes, the third leg, remains owned and operated by the New York Racing Association and is not part of this deal.

The Preakness Stakes was first run in 1873, making it one of the oldest sporting events in the country. Its sale marks a significant consolidation in racing’s ownership structure, one that would have been hard to imagine even a decade ago.

Where the 2026 Preakness Is Actually Running

For bettors following the 2026 Triple Crown calendar, there is one logistical detail worth knowing: this year’s Preakness will not be held at Pimlico. While the historic Baltimore track undergoes a major reconstruction project, the race is being held at Laurel Park in Laurel, Maryland on May 16, 2026. Pimlico is expected to return as the host venue in 2027.

The Kentucky Derby is May 3 — just 10 days away. The Triple Crown sequence runs Kentucky Derby on May 3, Preakness at Laurel Park on May 16, and the Belmont Stakes later in June.

What This Means for Bettors in 2026 and Beyond

For anyone betting the Triple Crown this year, the ownership structure does not change how wagers are placed or settled. The races are running on their normal schedule, and the betting products you use today are unaffected. The Maryland Jockey Club confirmed that media rights negotiations for the Preakness are still ongoing, and there are no confirmed changes to betting access or odds availability as of the announcement.

The longer-term implications are more interesting. CDI operates TwinSpires, one of the leading horse racing wagering platforms in the country. Owning the IP for two legs of the Triple Crown gives CDI significant leverage in future media rights negotiations and the ability to shape how both races are branded and distributed across platforms. If CDI eventually aligns the Preakness and Kentucky Derby betting experience through TwinSpires, it could create a more integrated product for serious racing bettors.

There is also the question of scheduling flexibility. Right now, the gap between the Derby and the Preakness is fixed by tradition. With CDI controlling both brands, future discussions about dates — or even potential format changes — become internal decisions rather than negotiations between competing organizations. That is a meaningful structural shift.

For Triple Crown futures bettors, none of this changes the 2026 picture. The horses that run in Louisville on May 3 will be the same ones heading to Maryland two weeks later. But if you are a serious horse racing bettor thinking about where the sport is headed, the $85 million CDI just spent is worth understanding. The company is building something, and the Preakness IP is a key piece of it.