Kentucky Derby owner to purchase Preakness Stakes

Churchill Downs Incorporated (CDI), the company that owns and operates the Kentucky Derby, is in the process of purchasing the second leg of horse racing’s Triple Crown.

The company announced on Tuesday that it has agreed to acquire the Preakness Stakes and Black-Eyed Susan Stakes for a price of $85 million, a deal that will bring the first two legs of the Triple Crown under one owner.

The agreement comes at a pivotal time for the Preakness, amid reports that the race is considering moving one week later than its traditional spot on the calendar. Such a move would create a three-week gap between the Kentucky Derby and the Preakness, allowing more Derby horses to participate in the second leg of the Triple Crown. The Preakness has recently struggled to attract top horses who raced in the Derby as horse racing modernizes its recovery procedures.

A calendar shift would likely necessitate the third leg of the Triple Crown, the Belmont Stakes, to also move back one week.

CDI’s purchase also comes at a pivotal time because the Preakness is actively negotiating new media rights agreements. The race’s current deal with NBC expires this year. Per prior reports, NBC is interested in renewing, and Fox, which owns rights to the Belmont Stakes, is also seen as a potential suitor.

The deal has not yet been finalized, but is expected to be at some point after the 2026 Preakness Stakes is run on May 16.

“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,” Bill Carstanjen, CEO of Churchill Downs Incorporated, said in the announcement. “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.”