Wire
Churchill Downs Secures Preakness Intellectual Property in $85 Million Agreement
Churchill Downs (CHDN) said Tuesday it has entered into a definitive agreement to acquire the intellectual property rights, including trademarks and associated rights, to the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Racing affiliate 1/ST Maryland in an $85 million deal.Under the deal, Churchill Downs will license the rights to the State of Maryland to continue operating the races in exchange for an annual fee, the company said.The deal is expected to close after the 2026 Preakness Stakes and will be funded with cash on hand and the company's existing credit facility, it added.Shares of Churchill Downs were up about 1.0% in Tuesday trading.Price: $94.15, Change: $+1.24, Percent Change: +1.33%
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