Churchill Downs Incorporated has entered an agreement to purchase the Preakness Stakes for $85 million, uniting two major events of American horse racing's Triple Crown, the buyers announced on Tuesday.
The deal, set to close after next month's Preakness, would bring together under one group the Kentucky Derby, raced annually on the first Saturday in May at Churchill Downs in Louisville, and the Preakness, traditionally staged two weeks later at Pimlico in Baltimore, Maryland.
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