Churchill Downs’s purchase of the Preakness IP rights has some fearing the worst, others hoping for the best, and could mean not much at all.
The $85 million transaction will give Churchill Downs control of all trademarks and associated rights of the Preakness and Black-Eyed Susan Stakes.
Colonial Downs will expand its footprint to include a spring meet in 2025, with the meet anchored by a Virginia Derby 2.0 worth 50 Kentucky Derby points.
The Virginia-certified residency program, which encourages people to send young horses to Virginia, will operate with new limitations this year.
Churchill Downs CEO Bill Carstanjen told the Virginia Racing Commission that he sees big opportunity for racing but may have ruffled some feathers, too.
Churchill Downs will acquire Colonial Downs and its associated properties in a larger, nearly $2.5 billion deal expected to close by year’s end.