NBC Sports and Churchill Downs have reached an agreement in principle to keep the Kentucky Derby on the broadcast network through 2015. The deal also includes rights to the Kentucky Oaks, which is held the Friday before the Derby.

Terms of the agreement, including the price paid, were not disclosed, but sports Business Daily reports that the deal is worth around $5 million a year.

“I don’t think America truly moves to springtime until the first Saturday in May and I am delighted that we will be bringing this iconic American event to homes across America for five more years,” said Dick Ebersol, chairman of NBC Sports & Olympics in a statement. “We’re excited to extend our relationship with the Derby and our business partnership with Churchill Downs, a partnership that is one of the finest examples of two organizations coming together to build an event.

More information in the press release after the jump.

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