Churchill Downs is in the process of adding the Preakness Stakes to its portfolio, uniting the first two legs of horse racing’s Triple Crown.

Churchill Downs, home of the Kentucky Derby, announced Tuesday it has entered into an agreement to purchase the intellectual property for the Preakness and the Black-Eyed Susan Stakes from 1/ST Racing for $85 million.

The parties expect to conclude the transaction after the next running of the Preakness, scheduled for May 16 at Laurel Park in Laurel, Md. The traditional venue of Pimlico Race Course in Baltimore is currently under renovations.

“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,” Churchill Downs Incorporated CEO Bill Carstanjen said. “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.”

As part of the agreement, Churchill Downs will license the rights to the Preakness Stakes to the state of Maryland for an annual fee.

The news comes a week after Sports Business Journal reported there are serious discussions to move the date of the Preakness back a week, starting in 2027, in order to create a larger gap after the Kentucky Derby (currently two weeks). Several owners and trainers have skipped the Preakness in the past because of the short turnaround for their horses to recover.

The goal is to attract more horses from the Kentucky Derby field into the Preakness and thereby generate greater interest in the chase for the Triple Crown.

–Field Level Media