ANNAPOLIS, Md. – Maryland officials said Monday the state will exercise its right of first refusal to match an $85 million offer from Churchill Downs Inc. to purchase the intellectual property rights to the Preakness Stakes and the Black‑Eyed Susan, securing state ownership of the historic races.
Gov. Wes Moore said the move ensures Maryland retains long‑term control of one of its most prominent sporting assets as the state prepares to redevelop Pimlico Race Course and reshape its horse racing industry.
“The Preakness Stakes is more than just a race; it is a cornerstone of Maryland’s history, culture and economy,” Moore said in a statement. “This decision secures a vital asset for our state and allows Maryland to shape its horseracing destiny.”
The state already owns Pimlico and is in the process of acquiring Laurel Park. Officials said bringing the Preakness intellectual property under state control completes that portfolio and eliminates the escalating licensing fees tied to the current agreement.
The acquisition will be financed through a tax‑exempt revenue bond issued by the Maryland Economic Development Corporation. No general fund dollars will be used, and debt service will be covered by future Preakness‑related revenues, including wagering, ticket sales and sponsorships.
Maryland racing leaders and business groups praised the decision, saying state ownership will provide stability for an industry that supports more than 28,000 jobs and generates roughly $3 billion in economic impact.
The move comes as the state prepares for a major rebuild of Pimlico. Lawmakers in 2024 authorized $400 million in bonds for the project, which is expected to transform the track into a year‑round racing and events venue and increase annual racing days from about 15 to more than 100.
Local officials also highlighted the project’s role in broader revitalization efforts in Baltimore’s Park Heights neighborhood, where the state has invested nearly $3 million through its ENOUGH Initiative.
Industry groups, including the Maryland Jockey Club and the Maryland Thoroughbred Horsemen’s Association, said they look forward to working with the state to strengthen the Preakness and maintain its place in the Triple Crown.
The Preakness is scheduled to return to a rebuilt Pimlico in 2027 after three years at Saratoga Race Course during construction.
