Business of Sports

Kentucky Derby's Millions Mask Horse Racing’s Problems

The grandstand at Churchill Downs during the 150th running of the Kentucky Derby in Louisville, Kentucky, on May 4, 2024.Photographer: Michael Reaves/Getty Images North America

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By David Papadopoulos, David Hellier, and Ira Boudway

May 2, 2025 at 11:00 AM EDT

This article is for subscribers only.

It’s Kentucky Derby weekend. Apparently, it’s the longest continuously held sporting event in America, running since 1875. It’s still a marquee event, but what about the rest of the horse racing industry? We look at how it’s faring, along with a Q&A with the University of Kentucky’s athletic director Mitch Barnhart about the big changes to their sports program. There aren’t any betting tips here (get them here), but there is a horse called Journalism running, and obviously it’s one of the favorites.

Alex Rodriguez and Jason Kelly chat to Boston Legacy FC’s owner Jennifer Epstein about what it’s like to build a team from scratch on the latest episode of The Deal. And no newsletter would be complete without rumors of the latest Premier League sale.