Churchill Downs Inc. is getting even more powerful in the horse racing industry. It was announced Tuesday that Churchill Downs Inc. has bought the Preakness brand. More specifically, Churchill bought the intellectual property, including all trademarks and associated rights, of the Preakness Stakes and Black-Eyed Susan Stakes for $85 million.The Preakness is the second race in the famous three-race series which starts with the Kentucky Derby and ends with the Belmont Stakes.It's run each year at Pimlico Race Course in Baltimore, Maryland.So what does this deal really mean?Maryland will still be able to run the races, because Churchill Downs will license those rights back to the state for an annual fee.So essentially, Churchill now will make money off the event and have influence on how it's executed without having direct control.“This acquisition adds one of the most iconic brands in American sports to our portfolio and is consistent with our strategy of investing in premier Thoroughbred racing assets with long-term growth potential,” Bill Carstanjen, Chief Executive Officer of CDI, said in a news release. “In keeping ownership of the Preakness intellectual property in the racing industry, CDI will support efforts to fully realize the potential of a redeveloped Pimlico and Preakness Stakes within the Triple Crown and the broader sports and entertainment landscape.”The Maryland Jockey Club released a statement clarifying details about the deal."The State of Maryland has been notified by 1/ST Maryland LLC/The Stronach Group that they have reached a tentative agreement to transfer the intellectual property for the Preakness Stakes to Churchill Downs. That announcement of that intended transfer does not affect TMJC's right to full operational control and responsibility for the Black-Eyed Susan and Preakness Stakes, both of which will be held at Pimlico Race Course beginning in 2027," TMJC said in a statement. "TMJC also controls the media rights and licensing for the Preakness Stakes, as identified in the Master Agreement between the State of Maryland and 1/ST Maryland LLC, dated June 28, 2024. None of that is affected by the potential Churchill Downs transaction."The transaction is expected to close after this Preakness Stakes, which is May 16.