Page "Kentucky Derby" Paragraph 5

Although the first race meet proved a success, the track ran into financial difficulties and in 1894 the New Louisville Jockey Club was incorporated with new capitalization and improved facilities.

Despite this, the business floundered until 1902 when Col. Matt Winn of Louisville put together a syndicate of businessmen to acquire the facility.

Under Winn, Churchill Downs prospered and the Kentucky Derby then became the preeminent stakes race for three-year-old thoroughbred horses in North America.