ANNAPOLIS, Md. (7News) — Maryland has closed a deal to acquire the intellectual property rights to the Preakness Stakes in a move leaders said would keep the Triple Crown race within the state going forward, according to Governor Wes Moore’s Office on Thursday.
The deal was announced over a month after the state matched a rival $85 million offer and would also allow the state to gain rights to the Black Eyed Susan race, which were both previously owned by 1/ST Racing.
Officials said the funding did not come from its General Fund tax dollars; instead, the funding comes from a revenue bond and would be paid back with revenue generated from the track.
ALSO READ | Maryland bets big on Preakness Stakes, matches Churchill’s $85M bid to keep rights to race
“The Preakness Stakes is a cornerstone of Maryland’s history, culture, and economy– so our administration is dedicated to preserving our state as a key power player in the Triple Crown for generations to come,” said Gov. Moore in a statement.
State leaders have eyed ownership of the iconic equestrian race for months and had already begun a $400 million overhaul of the race’s longtime home at the over 100-year-old Pimlico Race Course in Baltimore.
The 151st running in May was held at Laurel Park due to construction at Pimlico.
Owning the IP for the race, however, would allow the state to save money from paying licensing agreements and potentially open it to new partners. Leaders said it was also open to possible partnerships with Churchill Downs, the group that owns the Kentucky Derby and also tried to buy the rights to the Preakness Stakes.
Maryland Jockey Club, the agency that oversees equestrian races in the state, has already partnered with Oak View Group for sponsorships and KO Productions to help produce the event.o
Local Story
