Churchill Downs buys intellectual property rights to Preakness Stakes [Los Angeles Times (CA)]
Churchill Downs, Incorporated (CHDN)
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Source: Los Angeles Times
property rights to the Preakness Stakes , the second leg of the Triple Crown, for $85 million. The transaction is expected to close after the running of this year's Preakness on May 16. More details may be available on Thursday when CDI has its quarterly earnings call. The Derby will be run on May 2. CDI plans to lease the rights back to the Maryland Jockey Club (MJC) for an undisclosed amount in an arrangement likely similar to the current one that Maryland has with 1/ST Racing, also known as The Stronach Group (TSG), owner of Santa Anita. 1/ST Racing, which previously owned Pimlico, leased the rights to MJC for $5 million a year after virtually giving the property to MJC. The transaction created more questions than answers about the future of the Triple Crown in particular and racing in general. Among them: Will this change the spacing between the three Triple Crown races? The Preakness has not had the Kentucky Derby winner in two of its last four races, ostensibly because t
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CHDN
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