Churchill Downs Inc. will no longer be buying the IP rights to the Preakness Stakes. The State of Maryland has stepped in to acquire the race’s IP, matching Churchill’s price of $85 million.
Preakness Stakes
The Preakness is the second race in the famous three-race series, which starts with the Kentucky Derby and ends with the Belmont Stakes. Churchill Downs Inc. said the State of Maryland exercised rights under Maryland Code Ann. Bus. Reg. §11-520(d) to buy the Preakness and Black-Eyed Susan IP.
Bill Carstanjen, CEO of CDI, stated, “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. 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.”
Original reporting: WLKY Louisville — read the source article.
