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One Company, Two Jewels
Edition No. 13 · Wednesday, April 22, 2026 · 10 Days to Post
💼 CDI Buys the Preakness — Sort Of
Churchill Downs Incorporated announced yesterday that it has acquired the intellectual property rights to the Preakness Stakes and the Black-Eyed Susan from 1/ST Racing for $85 million. Starting in 2027, the company that owns the Kentucky Derby will also own the Preakness brand.
That sounds like a seismic shift. One company controlling two-thirds of the Triple Crown. But the details matter — and right now, this story gives us more questions than answers.
Here’s what CDI bought: the name. The trademarks. The brand. They did not buy Pimlico Race Course, which is being rebuilt by the Maryland Stadium Authority. They did not acquire the day-to-day racing operations, which belong to the not-for-profit Maryland Jockey Club. And crucially, according to TDN, the Maryland Jockey Club issued a statement saying it “controls the media rights and licensing for the Preakness Stakes” and that nothing about the CDI transaction changes that.
So what is CDI getting for $85 million? An annual licensing fee from Maryland for the right to call their race the Preakness. Control over how the Preakness brand is used in sponsorships, merchandise, and digital content. And — perhaps most importantly — the assurance that the Preakness name stays in racing hands rather than being sold to someone outside the sport. 1/ST Racing called this deal “closing our Thoroughbred racing chapter in Maryland.” They’re retreating to Santa Anita and Gulfstream.
The big question nobody has answered yet: when the Preakness media rights come up for negotiation, does CDI’s brand ownership give them leverage over where the broadcast lands — even though they don’t technically control those rights? CDI has the Derby on NBC. Maryland controls the Preakness broadcast independently. NYRA has the Belmont at Saratoga with Fox. Will we ever see all three legs on one network? That would be better for the sport — but the business interests may not align.
We’ll be watching this one closely. For now, CDI bought an insurance policy and a toll booth. What it becomes over time is the real story.
👉 Full story at TDN · BloodHorse
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📄 Free Derby Contender Profiles — 8 Live Now
We’re publishing free written profiles on every major Derby contender — analysis, speed figures, trip notes, and what to watch for on May 2. Eight are live and more are dropping daily:
👉 Renegade · Commandment · Further Ado · The Puma · Chief Wallabee · So Happy · Silent Tactic · Emerging Market
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🔄 Iron Honor Out, Chip Honcho In
Chad Brown confirmed yesterday at Churchill Downs that Iron Honor will bypass the Derby and target the Preakness on May 16 at Laurel Park. Brown’s reasoning is familiar — both his previous Preakness winners, Cloud Computing (2017) and Early Voting (2022), skipped the Derby after getting beat in the Wood Memorial, then won off the six-week rest. Iron Honor fits the exact same profile.
That means Chip Honcho is officially in the Derby field. Steve Asmussen’s 29th Derby starter — no trainer has started more without a win. He galloped Tuesday morning under Roberto Howell but still needs a jockey.
Brown also said Ottinho remains undecided between the Preakness and the Peter Pan. With Stark Contrast still likely for the American Turf, Intrepido is knocking on the door as the last also-eligible.
🏇 The Puma Moves Into Mage’s Stall
The Puma arrived at Churchill Downs yesterday morning and settled into Barn 42, Stall 10 — the same stall Mage occupied three years ago before his 15-1 Derby upset. Trainer Gustavo Delgado is following the same blueprint.
Emerging Market made his first on-track appearance at Churchill, galloping a mile and a half. Brown: “They floated over the track.” He’s eyeing Friday for a final work if rain moves in Saturday. He’s 0-for-9 in the Derby. No horse has won in their third career start since Leonatus in 1883. “When they say stuff hasn’t been done in so long, sooner or later, it will be done,” Brown said. “Why not it be this horse?”
Renegade works today at Palm Beach Downs, then ships to Churchill tomorrow.
Danon Bourbon left Japan yesterday, arrives Chicago tonight. Forty-two hours of quarantine, then Churchill.
Pavlovian was shipping from Southern California yesterday.
Cox trio — all three galloped Tuesday. One more work Friday or Saturday.
Jaime Torres chose Incredibolt over Albus. “He can come from wherever I want,” Torres said.
📋 ICYMI
👉 Yesterday’s D2D: “Looked Like a Sovereignty Work to Me”
👉 Every Derby Winner of the 21st Century, Ranked (with Duke Matties)
👉 PTF & Chris Larmey discuss “Betting on Horse$”
👉 Free Bris Derby PPs (PDF)
👉 Derby OddsWatch
❓ Today’s Open Question
One company now owns the Kentucky Derby and the Preakness brand. Is this consolidation good for the Triple Crown — or the beginning of something racing should worry about?
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📚 Previous Editions
Edition 12 · April 21, 2026 — “Looked Like a Sovereignty Work to Me”
Edition 11 · April 20, 2026 — The Puma’s Hidden Bullet
Edition 10 · April 19, 2026 — Chief Wallabee Is In
