MARYLAND (WBFF) — Two months ago, Churchill Downs announced its intention to buy the Preakness Stakes’ intellectual property. On Thursday, Gov. Wes Moore’s administration matched the $85 million offer, meaning that Maryland will own the rights to the city’s longstanding horse race.
Moore’s decision, outlined in a statement from his office, ends the shuffling of ownership among racing properties.
“The Preakness Stakes is more than just a race; it is a cornerstone of Maryland’s history, culture, and economy,” Moore said. “Our administration has made historic investments to revitalize Pimlico Race Course and secure the long-term sustainability of the Maryland horseracing industry. This decision secures a vital asset for our state, allows Maryland to shape its horseracing destiny, and by leveraging the Preakness’s iconic status and partnering with industry experts to enhance the fan experience, preserve Maryland’s position as a key power player in the Triple Crown for generations to come.”
The Preakness has moved between state entities and 1/ST Racing, which operated this past spring’s race at Laurel Park because of renovations at Pimlico Race Course.
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