Churchill Downs (CHDN) investor relations material

Launch of the Thoroughbred Championship Series

• A new Thoroughbred Championship Series (TCS) will launch in 2027, uniting six major races over five months at iconic venues, including the Kentucky Derby, Belmont Stakes, Travers Stakes, Matt Winn Stakes, Jim Dandy Stakes, and a Championship Race.

• The series aims to create a season-long narrative and storyline, culminating in a championship event in September at Churchill Downs.

• The champion will be determined by consistent performance across all six races, using a unified points system.

• The initiative is designed to connect major events, build new traditions, and incentivize top three-year-olds to compete throughout the season.

• The partnership between Churchill Downs and NYRA is central, with support from broadcast partners NBC and FOX to reach national audiences.

Structure, Incentives, and Broadcast

• A $5 million prize pool will be awarded based on final standings in the unified points system.

• Each race will be nationally televised, with Churchill Downs events on NBC and NYRA events on FOX.

• CDI and NYRA will collaborate on rules, nominations, marketing, sponsorship, wagering, and TV distribution.

Strategic vision and audience engagement

• The series is structured to foster rivalries, standings, and a playoff atmosphere, making it easier for fans to follow and more compelling to watch.

• The format leverages the reach of national broadcasters to tell stories and introduce personalities, aiming to sustain fan engagement beyond the spring classics.

• The new Belmont Park, opening in September 2027, and historic Saratoga Race Course will be key venues, enhancing both in-person and broadcast experiences.

• The initiative seeks to attract both lifelong fans and new audiences, strengthening the sport's future.

• The collaboration is positioned as a proactive modernization of the sport, not a reaction to industry concerns.