Repole buys 1.5 per cent stake in Churchill Downs

Mike Repole has bought one million shares in Churchill Downs Incorporated, the Nasdaq-listed owner of the Kentucky Derby.

The Repole Stable owner announced the purchases on X. He made them over the previous four days and said he may acquire more.

“I believe a meaningful ownership stake in Churchill gives me the greatest opportunity to help create value for Churchill shareholders AND make a positive financial impact across all of racing,” he wrote.

Repole pointed to this year’s Derby, won by Golden Tempo, as proof of the sport’s potential. Its NBC and Peacock audience peaked at 24.4 million viewers. He also said racing needed “stronger leadership and greater accountability from the Old Guard racing entities that, in my opinion, have held the industry back for far too long.”

He said he looked forward to working with chief executive Bill Carstanjen, the board and management.

The stake extends a campaign against racing’s establishment. In March, Repole told *Sports Business Journal* “I’m disrupting the sport”. In the same interview he threatened antitrust action against The Jockey Club, the Breeders’ Cup, the National Thoroughbred Racing Association and the Thoroughbred Owners and Breeders Association.

In August, he called for an independent investigation into the Horseracing Integrity and Safety Authority (HISA) over Marshall Gramm’s alleged access to confidential horse-health information. A month later, Churchill Downs asked the Federal Trade Commission to review HISA’s governance.

Churchill Downs reported second-quarter net revenue of US$980 million, up 5 per cent, and net income of US$241 million, up 11 per cent.