Churchill Downs Incorporated has entered into an agreement to acquire the intellectual property, including all trademarks and associated rights, of the Preakness Stakes and Black-Eyed Susan from 1/ST Maryland LLC, the company announced Tuesday morning. The purchase price was $85 million and the deal is subject to customary closing conditions.Under the terms of the deal, CDI will license to the state of Maryland the intellectual property rights necessary to conduct the running of the Preakness Stakes and Black-Eyed Susan Stakes in exchange for an annual fee.“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,” said Bill Carstanjen, Chief Executive Officer of CDI. “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.”The transaction is expected to close after the running of the 2026 Preakness Stakes.The post Churchill Downs Enters Agreement to Acquire Preakness Intellectual Property Rights appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.