Maryland Governor Wes Moore announced on Thursday that the state will use its right of first refusal to match Churchill Downs Incorporated’s $85 million bid for the intellectual property rights to the Preakness Stakes and the Black-Eyed Susan Stakes. Churchill Downs Inc., which organizes the Kentucky Derby—the first race of the Triple Crown—had revealed in April its plan to acquire these branding rights from 1/ST Racing and then license them back to Maryland annually to continue hosting the events.
Governor Moore emphasized that the Preakness Stakes represents more than a race; it is a vital part of Maryland’s heritage, culture, and economy. He stated that this move safeguards a crucial state asset, allows Maryland to control its horse racing future, and aims to leverage the Preakness’ iconic status by collaborating with industry professionals to enhance the fan experience. This, he said, will maintain Maryland’s influential role in the Triple Crown for years to come.
Importantly, Moore clarified that no general tax funds will be used for this purchase. Instead, the $85 million will come from a tax-exempt revenue bond issuance, which will be repaid through income generated by the race, including ticket sales, wagering, and sponsorship deals. The state anticipates that the licensing fees paid to Churchill Downs Inc. will grow over time.
The decision drew praise from industry leaders. Katharine M. Voss, president of the Maryland Thoroughbred Horsemen’s Association, called it a pivotal moment for the state’s racing industry. Likewise, Mark Anthony Thomas, president and CEO of the Greater Baltimore Committee, highlighted that owning the rights means Maryland can make future decisions about the Preakness with the best interests of the state in mind.
This move is part of Maryland’s broader commitment to horse racing, coinciding with a significant renovation project at Pimlico Race Course in Baltimore—the historic venue for both the Preakness Stakes and the Black-Eyed Susan Stakes. Due to construction, this year’s races were temporarily held at Laurel Park. Maryland Jockey Club president and general manager Bill Knauf mentioned plans to return to Pimlico by next year, with expectations that the grandstand will be fully restored by May 2028.
The Maryland Jockey Club, a nonprofit organization, is set to assume control from 1/ST Racing. The club aims to host racing events throughout the year at Pimlico once renovations are complete.
Fan Take: This development is great news for horse racing enthusiasts because it ensures that the Preakness Stakes—a key pillar of the Triple Crown—remains rooted in Maryland with local oversight. By keeping control of the race’s intellectual property, Maryland can preserve the event’s legacy while innovating the fan experience, potentially attracting new audiences and boosting the sport’s long-term vitality.
Source: www.espn.com
