Churchill Downs buys Preakness Stakes, a move that could shake up Triple Crown
· Yahoo Sports
The move sets the stage for Churchill to potentially move the date of the Preakness. (Paul Morigi/Getty Images)
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Paul Morigi via Getty ImagesIn a move that has the potential to reshape horse racing’s Triple Crown, Churchill Downs Inc., announced Tuesday that it has acquired the intellectual property rights to the Preakness Stakes for $85 million.
With the Preakness’ television rights coming up for bid after this year’s race, the move sets the stage for Churchill — which owns and operates the Kentucky Derby — to link the first two legs of the Triple Crown and potentially move the date of the Preakness.
In recent years, the traditional two-week gap between the Derby and Preakness has grown controversial within horse racing as most modern-day trainers prefer to give their horses more time between races. Trainer Bill Mott elected to skip the Preakness with last year’s Kentucky Derby winner, Sovereignty, who then returned five weeks later to win the Belmont Stakes. Rich Strike, the 2022 Derby winner, also did not run in the Preakness.
The move does not signal any intent to move the Preakness away from Pimlico, which is undergoing a $400 million renovation under the control of the Maryland Stadium Authority. The Stronach Group, which previously owned and operated the racetrack, did not want to renovate Pimlico and essentially gave the racetrack to the state but retained the intellectual property rights to the Preakness.
Under the new agreement, the state of Maryland will pay a license fee to Churchill Downs to conduct the Preakness, according to the news release. This year’s Preakness will take place at Laurel Park just south of Baltimore due to the Pimlico renovations, which are scheduled to be complete in time for the 2027 running.
“The acquisition adds one of the most iconic brands in American sports to our portfolio and is consistent with our strategy of investing in premiere Thoroughbred racing assets with long-term growth potential,” Churchill chief executive 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.”
Though the release did not mention changing the date of the Preakness specifically, the Sports Business Journal reported last week, citing unnamed sources, that the race could be poised to shift a week later as media rights negotiations were taking shape for all three Triple Crown races.
One of the major obstacles to changing the Triple Crown has been getting agreement between the three parties that operate the races separately. Now, there are only two parties involved — Churchill and the New York Racing Association, which operates the Belmont Stakes — with Churchill now holding significantly greater leverage of what the Triple Crown format looks like going forward.