Churchill Downs CEO Carstanjen Meets With MTHA Board

In the wake of Churchill Downs Incorporated’s (CDI) announcement that it has reached an agreement in principal to acquire the intellectual property rights to the Preakness and Black-Eyed Susan Stakes from 1/ST RACING for a reported $85 million, CEO Bill Carstanjen met with the MTHA Board of Directors to discuss the transaction and answer questions regarding its impact on Maryland racing.

The agreement includes ownership of the trademarks and branding associated with the Preakness but does not impact operational control of racing in Maryland, which remains with the non-profit Maryland Jockey Club. CDI will step into the role previously held by 1/ST RACING as the intellectual property holder, with those rights licensed back to the State of Maryland under the existing framework.

Direct Engagement with the MTHA Board

During the meeting, Carstanjen emphasized that CDI is “stepping into the shoes” of 1/ST RACING and is not acquiring any additional rights beyond those currently in place under the State’s agreement. He reiterated that the deal is fully executed and expected to close in the near term—likely in the second or early third quarter of 2026—subject to standard closing conditions.

The discussion provided Board members with an opportunity to hear directly from CDI leadership about their intentions, priorities, and long-term outlook for Maryland racing.

A Willing Partner—Not a Prescriptive One

Carstanjen emphasized that CDI does not intend to disrupt Maryland’s existing racing structure or dictate the direction of the State’s model.

“We are not going to be disruptive to Maryland racing. We feel we can help,” he said, underscoring that key decisions regarding governance—including the nonprofit structure of the Maryland Jockey Club—will remain with Maryland stakeholders.

Strategic Vision: Strengthening the Triple Crown

CDI’s interest in the Preakness is closely tied to its broader strategy surrounding the Triple Crown. As the owner of the Kentucky Derby, CDI views the Preakness as a critical component of both its portfolio and the overall structure of the sport, with long-term importance to racing’s sustainability.

Carstanjen described the Triple Crown as central to CDI’s identity, emphasizing the importance of strengthening its long-term viability and enhancing its national appeal.

Regional Collaboration and Racing Structure

A portion of the discussion focused on the broader Mid-Atlantic racing circuit, particularly the evolving relationship between Maryland and Virginia. That collaboration was expanded in 2025 through ongoing coordination between the MTHA and CDI Director of Racing Gary Palmisano.

CDI emphasized the importance of continued cooperation between the two jurisdictions, suggesting that Maryland and Virginia are best positioned as a unified racing circuit rather than competing entities.

Carstanjen noted that Maryland racing has “fantastic bones,” pointing to the strength of the purse structure and the overall foundation of the program. He also highlighted opportunities to further strengthen the circuit by optimizing the racing calendar, investing in turf racing, and maximizing the effective use of regional resources.

Looking Ahead

While CDI’s acquisition of the Preakness intellectual property represents a meaningful shift, the immediate operational structure of Maryland racing remains unchanged.

The meeting between Carstanjen and the MTHA Board provided valuable insight into CDI’s approach—one centered on partnership, long-term brand development, and potential collaboration, rather than immediate structural change.

As the transaction moves toward closing, the MTHA will continue to monitor developments and remain actively engaged to ensure that the interests of Maryland horsemen are represented in any future decisions regarding the direction of the sport in the region.

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