In the Money Media

Kentucky Derby 152 · Road to Churchill Downs

Daily to Derby

Your morning briefing on the road to the Kentucky Derby

Edition No. 13 · Wednesday, April 22, 2026

💼 Business of Racing

One Company, Two Jewels

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. But the details matter — and right now, this story gives us more questions than answers.

CDI bought the name, trademarks, and brand. They did not buy Pimlico, the racing operations, or the media rights. The Maryland Jockey Club issued a statement saying it "controls the media rights and licensing for the Preakness" and nothing changes.

So what is CDI getting? An annual licensing fee from Maryland. Control over the Preakness brand in sponsorships and digital content. And the assurance that the name stays in racing hands. 1/ST called this "closing our Thoroughbred racing chapter in Maryland."

The big question: when the Preakness media rights come up for negotiation, does CDI's brand ownership give them leverage? CDI has the Derby on NBC. NYRA has the Belmont with Fox. Will we ever see all three on one network? That would be better for the sport — but the business may not align. For now, CDI bought an insurance policy and a toll booth. What it becomes is the real story.

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📣 Derby Week Events

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📄 Free Content

Free Derby Contender Profiles — 8 Live

Free written profiles on every major contender. Eight live now, more dropping daily: Renegade · Commandment · Further Ado · The Puma · Chief Wallabee · So Happy · Silent Tactic · Emerging Market

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🔄 Field Watch

Iron Honor Out, Chip Honcho In

Chad Brown confirmed Iron Honor will bypass the Derby for the Preakness. Both his previous Preakness winners skipped the Derby after the Wood — same playbook. Chip Honcho is officially in. Asmussen's 29th Derby starter. Still needs a jockey. Ottinho remains undecided between Preakness and Peter Pan.

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🏇 Barn Notes

The Puma Moves Into Mage's Stall

The Puma arrived at Churchill yesterday — Barn 42, Stall 10. The same stall Mage occupied before his 15-1 upset in 2023. Delgado is following the same blueprint.

Emerging Market made his first on-track appearance, galloping 1.5 miles. Brown: "They floated over the track." He's 0-for-9 in the Derby. No horse has won in their third start since 1883. "Why not it be this horse?"

Renegade works today at Palm Beach Downs, ships to Churchill tomorrow.

Danon Bourbon left Japan, arrives Chicago tonight. 42-hour quarantine, then Churchill.

Cox trio — all three galloped. One more work Friday or Saturday.

Jaime Torres chose Incredibolt over Albus. "He can come from wherever I want."

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📋 ICYMI

👉 Yesterday's D2D: "Looked Like a Sovereignty Work to Me"

👉 Every Derby Winner of the 21st Century, Ranked (Duke Matties)

👉 PTF & Chris Larmey discuss "Betting on Horse$"

👉 Free Bris Derby PPs (PDF)

👉 Derby OddsWatch

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