Do you know how the Pegasus Parade got its name?

Do you know how the Pegasus Parade got its name?
How did a pegasus become linked to a parade in Louisville? We had to find out. (Source: WAVE 3 News)
It turns out the mythical animal was chosen over a lunch meeting. (Source: WAVE 3 News)
It turns out the mythical animal was chosen over a lunch meeting. (Source: WAVE 3 News)

LOUISVILLE, KY (WAVE) - For 63 years the Pegasus Parade has delighted thousands, taking off with a giant winged horse.

Peggy Bank is 35 feet tall 30 foot wide and is filled with 6,500 cubic feet of helium.

But while watching the parade go by our WAVE 3 News studios, we wanted to know how the Pegasus Parade got its name.

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We started asking people in the crowd, including two people in full costume.

"I don't know, we're clowns," they joked. "We don't know anything."

The story took us back six decades.

It all started with a journalist, a businessman, a civic volunteer and a man in PR having lunch, according to the Kentucky Derby Festival.

They were caught up in the spirit of the Derby and wanted to create an event that everyone in the city could go to for free. They came up with the idea for a parade. But they needed a symbol for the magic and energy around the Derby.

The group found the perfect fit in the mythological winged horse -- thus the Pegasus parade was born.

Since then ol' Peggy Bank has lead the way creating memories.

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"I saw John Wayne when he was here!" one lady told us as she remembered the year 1976.

About 50,000 people showed up to the first Pegasus Parade in 1956.

Now, that figure has more than tripled.

According to KDF, the first Derby Festival, which consisted of only the parade, had a budget of $640.00. Compare that to the current list of more than 70 Derby events and a $5 million budget!

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