Mike Repole buys 1 million Churchill Downs shares, a stake of about 1.5%, as stock trails

Entrepreneur and racehorse owner Mike Repole has taken a sizeable position in Churchill Downs, the North American racing and gaming company. He confirmed that he purchased 1 million shares, which equates to a stake of roughly 1.5%.

The purchase comes while the company's stock is under pressure. Shares have fallen about 35% since the start of the year. Repole said he is open to acquiring more and that he is "extremely excited about the possibilities."

Explaining his reasoning, Repole pointed to the company's assets, led by the Kentucky Derby, which he called the global crown jewel of horse racing. He noted that last year's Derby peaked at 24.4 million viewers, which he described as a major proof point of how big the sport can become. He also said a meaningful ownership stake puts him in a position to support the company's value creation while benefiting the wider horse racing sector.

The announcement did not trigger an immediate jump in the share price, although the stock appeared to improve slightly and stood at $79.31 at the time the source was written. Analysts cited in the coverage suggest that further investment could support the share performance, while other experts argue that it is up to Churchill Downs to build on the confidence Repole has shown if it wants to lift the stock.

Repole has been active in industry disputes this year. Earlier in 2026 he filed a major lawsuit arguing that overlapping leadership across several horse racing bodies concentrated power and raised antitrust and transparency concerns. He described that action as a "last-ditch effort" to make sure horse racing changes for the better.

Separately, a few weeks ago Churchill Downs and the New York Racing Association joined other racing companies in asking a federal court to dismiss a lawsuit. That case alleges that computer-assisted wagering operations receive unfair advantages in pari-mutuel betting pools.