Churchill Downs to no longer acquire intellectual property rights to Preakness Stakes

LOUISVILLE, Ky. (WDRB) — Churchill Downs Incorporated will no longer acquire the intellectual property rights to the Preakness Stakes.

The company announced Thursday that the State of Maryland intends to acquire the Preakness' intellectual property, including all trademarks and associated rights.

The state had the right to match CDI's purchase price of $85 million.

“We understand why the state of Maryland would decide to acquire the Preakness IP rights as a state-owned asset from 1/ST Maryland LLC,” said Bill Carstanjen, Chief Executive Officer of CDI. “We remain committed to working with the Governor and other elected leaders and horse racing constituents in Maryland to fully realize the potential of a redeveloped Pimlico and Preakness Stakes within the Triple Crown and the broader sports and entertainment landscape.”

Churchill Downs announced back in April that it had reached an agreement to purchase the intellectual property rights to the Preakness Stakes and Black-Eyed Susan Stakes for $85 million.

It would've brought the brand of thoroughbred racing’s second Triple Crown jewel under Louisville ownership. Under the terms previously agreed upon, CDI would have licensed rights back to the State of Maryland for an annual fee, allowing the race to continue to be run in Baltimore — or wherever Maryland chose to stage it.

For more on the previous agreement, click here.