Churchill Downs Incorporated Selects Licensing Partners International to Manage Company's Product Licensing Program; Licensing Partner for PGA TOUR, Indy Racing League to Oversee Kentucky Derby Merchandise Program.

LOUISVILLE, Ky. -- Churchill Downs Incorporated ("CDI" or "Company") (Nasdaq: CHDN) has partnered with Licensing Partners International LLC ("LPI") to manage the Company's branded-product licensing program, including official Kentucky Derby and Kentucky Oaks licensed products. The agreement with LPI, which covers a period of five years, takes effect immediately.

CDI selected LPI for its expertise in the areas of brand enhancement and protection, product diversification and distribution, catalogue development and event merchandising. LPI is affiliated with The Collegiate Licensing Company, which oversees licensing programs for most NCAA colleges and universities. Current LPI clients include such high-profile sports organizations as the PGA TOUR ("TOUR"), the World Golf Hall of Fame, the Indy Racing League ("IRL"), and the Canadian Football League ("CFL").

In addition to bringing CDI added experience in the areas of product licensing, marketing and sales, LPI will assist CDI in developing new, diversified product lines for the Company's well-regarded Kentucky Derby, Kentucky Oaks, Churchill Downs and Twin Spires branded merchandise. LPI also will use its internal and external resources, including a network of more than 2,200 established licensees, to grow geographic distribution channels for CDI product lines.

"Churchill Downs-affiliated brands are some of the most respected in the world of sports, and our new partnership with LPI will help us leverage the strength and equity of those brands as we work to grow our product licensing business," said Tyrone Tubbs, CDI's vice president of sales. "LPI offers essential in-house expertise in areas where we want to grow our business, such as product diversification and distribution, and has a reputation for excellent customer service. We look forward to working with LPI as we take our product licensing program to the next level and offer customers worldwide the high-quality products one would associate with the biggest name in horse racing."

"Churchill Downs Incorporated is a tremendous addition to the LPI/CLC family," said Pat Battle, chief executive officer of LPI and CLC. "CDI is the quintessential leader in horse racing, and we are thrilled at the opportunity to help them develop the CDI brand in a fashion that is consistent with their reputation for excellence in the industry."

Churchill Downs Incorporated, headquartered in Louisville, Ky., owns and operates world-renowned horse racing venues throughout the United States. The Company's racetracks in California, Florida, Illinois, Indiana, Kentucky and Louisiana host 121 graded-stakes events and many of North America's most prestigious races, including the Kentucky Derby and Kentucky Oaks, Hollywood Gold Cup and Arlington Million. CDI racetracks have hosted nine Breeders' Cup World Thoroughbred Championships -- more than any other North American racing company. CDI also owns off-track betting facilities and has interests in various television production, telecommunications and racing services companies that support CDI's network of simulcasting and racing operations. CDI trades on the Nasdaq National Market under the symbol CHDN and can be found on the Internet at www.churchilldownsincorporated.com.

Licensing Partners International LLC (LPI) specializes in the development and management of trademark licensing programs for some of the world's premier sports, recreation and corporate brands. Current LPI clients include the PGA TOUR, the World Golf Hall of Fame, the Indy Racing League (IRL), and the Canadian Football League (CFL) among others. LPI has offices in Florida, Toronto, Atlanta and the New York metropolitan area. LPI's sister company, The Collegiate Licensing Company (CLC), is the world's leading collegiate licensing agency, currently representing more than 200 colleges, universities, bowl games, athletic conferences, The Heisman Trophy, and the NCAA. To find out more about LPI, call 1-904-224-5100 or visit online at www.licensingpartnersintl.com.