Churchill Downs Inc. announced Tuesday it has reached an agreement to acquire the intellectual property rights to the Preakness Stakes for $85 million, bringing two of horse racing's most prestigious events under common ownership.

The deal involves purchasing trademarks and associated rights to both the Preakness Stakes and the Black-Eyed Susan Stakes from 1/ST Maryland LLC, an affiliate of 1/ST Racing. Churchill Downs Inc. already owns and operates the Kentucky Derby, the first leg of thoroughbred racing's Triple Crown.

Under the agreement, Maryland will continue to host and stage the Preakness through a licensing arrangement with Churchill Downs. The transaction gives the Kentucky-based company control over the first two legs of the Triple Crown series, which concludes with the Belmont Stakes.

The acquisition comes during ongoing discussions within the racing industry about potential scheduling changes to the Triple Crown series. The current format sees the three races held over a five-week span, with the Kentucky Derby in early May, followed by the Preakness two weeks later, and the Belmont Stakes three weeks after that.

Churchill Downs Inc. operates the historic Louisville track that has hosted the Kentucky Derby since 1875. The Preakness Stakes has been held at Pimlico Race Course in Baltimore since 1873, making it the second-oldest of the three Triple Crown races.