Churchill Downs strikes $85m deal for Preakness intellectual property rights

• Kentucky Derby owner to buy Preakness trademarks

• Maryland will keep staging race under licensing deal

• Move comes amid Triple Crown scheduling debate

Churchill Downs has reached a deal to acquire the intellectual property rights to the Preakness Stakes, the company announced Tuesday, in a move that brings one of US thoroughbred racing’s most celebrated events under the same corporate umbrella as the Kentucky Derby.

Churchill Downs Inc said it will pay $85m to buy the trademarks and associated rights to the Preakness and the Black-Eyed Susan Stakes from 1/ST Maryland LLC, an affiliate of 1/ST Racing.