Churchill Downs exploring sale of TwinSpires
Churchill Downs is exploring the possibility of selling TwinSpires Racing, according to people with knowledge of the matter, as reported by Bloomberg.
TwinSpires Racing is the official betting partner of the Kentucky Derby, among other races. Shares in the company rose upon the news.
The Louisville-based group is currently working with an adviser in a bid to solicit interest in the wagering platform, according to those sharing the news, who have requested anonymity as the information isn’t yet public. A representative from Churchill Downs declined to comment on the story to Bloomberg.
The unit could reportedly sell for $1.5bn, but those sharing the news emphasised that no final decision has been made and that Churchill Downs remains in charge of the platform.
The company has a market value of $8.8bn, with its shares rising to $236.26 after news broke that it was considering the sale of TwinSpires.
As reported by Churchill Downs in late October, TwinSpires Horse Racing delivered Adjusted EBITDA of $31.2m in the third quarter of 2021. That was a 56% increase compared to the third quarter of 2019.
TwinSpires Horse Racing handle meanwhile grew 31% from the third quarter of 2019 to the third quarter of 2021.
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