Churchill Downs Acquires Preakness Stakes and Black-Eyed Susan Stakes for $85 Million

Churchill Downs Incorporated announced the purchase of the Preakness Stakes on Tuesday from 1/ST Maryland. The deal gives the Kentucky-based company the rights to two of horse racing’s Triple Crown events. The Preakness is traditionally held at Pimlico Race Course in Baltimore two weeks after the Derby. However, this year’s event is set for Laurel Park in Maryland as Pimlico undergoes a $400 million renovation.

The third race of the Triple Crown – the Belmont Stakes held at Saratoga Race Course in Saratoga Springs, NY – runs three weeks after the Preakness. The Preakness was first run in 1873. The Black-Eyed Susan is a leading race for 3-year-old fillies traditionally conducted at Pimlico a day before the Preakness. The transaction is expected to be completed after this year’s running of the race, which is set for May 16. The Kentucky Derby is set for May 2, with the Belmont closing out the series on June 6.

Last year, Journalism won the Preakness and Sovereignty won the Kentucky Derby and the Belmont. The 2025 Derby set wagering records, with $234.4 million bet on the race.