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Maryland state moves to acquire Preakness Stakes IP rights, matching Churchill Downs' $85M offer.

Company Fundamentals
18 Jun 2026
Globe Newswire
View Source
Neutral
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Churchill Downs Incorporated announced that the State of Maryland intends to exercise its legal right to acquire the intellectual property rights of the Preakness Stakes and Black-Eyed Susan Stakes by matching Churchill Downs' $85 million purchase offer. This move means Maryland will take ownership of the trademarks and associated rights from 1/ST Maryland LLC, an affiliate of 1/ST Racing. Churchill Downs expressed understanding of Maryland's decision and reaffirmed its commitment to collaborating with state officials and stakeholders to enhance the Pimlico Race Course and the Preakness Stakes' role in the Triple Crown and broader entertainment landscape. The acquisition reflects the state's interest in maintaining control over these iconic horse racing events as valuable state-owned assets.

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