Churchill Downs Inc (CHDN) Stock: PAR Capital Management Lowers Stake Below 5%

NAMES OF
REPORTING PERSONS

PAR Investment Partners, L.P.

CHECK THE APPROPRIATE BOX IF A MEMBER
OF A GROUP (SEE INSTRUCTIONS)

(a)  x        (b)  ¨

SEC USE ONLY

CITIZENSHIP OR PLACE OF
ORGANIZATION

State of Delaware

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH:

SOLE VOTING POWER

813,165

SHARED VOTING POWER

None

SOLE DISPOSITIVE POWER

813,165

SHARED DISPOSITIVE POWER

None

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

813,165

CHECK IF THE AGGREGATE AMOUNT IN ROW
(9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)  ¨

PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (9)

4.9% Common stock, par value $.01

TYPE OF REPORTING PERSON (SEE
INSTRUCTIONS)

PN