Billionaire Mike Repole Buys 1.5% Stake in Churchill Downs

Beverage billionaire and racehorse owner Mike Repole has taken a major stake in Churchill Downs (NASDAQ: CHDN). With stock down 35% year-to-date and hovering around its lowest levels in six years, Churchill Downs may be a value bet for Repole, who’s a racehorse owner and an investor in other sports entities, including the United Football League (UFL). “Over the past four days, I’ve purchased 1 million shares and close to a 1.5% stake in Churchill Downs, and I may acquire more. I’m extremely excited about the possibilities,” wrote Repole in an X post earlier today (Oct. 8).