NBC Pays $51.5 Million for Horse Racing’s Triple Crown

NBC, looking to beef up its sports inventory since losing the NFL two years ago, has turned to horse racing.

The network announced Monday that it will begin televising the Triple Crown in 2001. Reportedly, NBC will pay $51.5 million for rights over a five-year period.

ABC, which has televised the Kentucky Derby since 1975, then added the Preakness and Belmont Stakes in 1987, reportedly bid $35 million to retain the contract. CBS, which had the first national telecast of the Derby in 1952 and all three races from 1960 to ‘75, offered about $28 million.

Thomas Meeker, president of Triple Crown Productions and president and CEO of Churchill Downs, said aside from financial considerations, NBC’s bid was attractive because of promotional possibilities.

The NBA playoffs on NBC begin two weeks before the Kentucky Derby.

“Instead of the Triple Crown races having to compete with the NBA playoffs, they now have the benefit of using the playoffs as a promotional outlet and as a lead-in,” said Dick Ebersol, chairman of NBC Sports.

Because of basketball, the post times for the races could be affected slightly.