Maryland Allocates $85 Million to Acquire Preakness Stakes and Black-Eyed Susan IP Rights

The State of Maryland has committed $85 million to acquire the intellectual property rights associated with the Preakness Stakes and the Black-Eyed Susan, two of the state's most renowned horse racing events. This strategic move follows an earlier bid by Churchill Downs to secure these rights.

Governor Wes Moore emphasized the significance of the Preakness Stakes beyond just a sporting event, describing it as "a cornerstone of Maryland's history, culture, and economy." On Thursday afternoon, he announced that Maryland would match Churchill Downs' offer and exercise its first right of refusal to purchase the intellectual property.

"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, preserves Maryland's position as a key power player in the Triple Crown for generations to come," Governor Moore stated.

The Governor's Office clarified that the $85 million acquisition will not be drawn from the state's General Fund. Instead, the purchase will be financed through a tax-exempt revenue bond issuance by the Maryland Economic Development Corporation.

Owning the intellectual property outright will eliminate the need for Maryland to pay licensing fees for the use of the Preakness and Black-Eyed Susan trademarks, potentially resulting in significant cost savings over time.

Mark Anthony Thomas, President and CEO of the Greater Baltimore Committee, highlighted the importance of state ownership, saying, "Ownership ensures that the decisions shaping the future of the Preakness are made in the interest of Maryland and that the equine industry."

Currently, Pimlico Race Course in Baltimore, the traditional home of the Preakness Stakes, is undergoing redevelopment. As a result, the 2026 Preakness Stakes was held at Laurel Park.

David Richardson, Executive Director of the Maryland Thoroughbred Horsemen's Association, praised Governor Moore's initiative, calling it "a once-in-a-generation opportunity to secure permanent ownership of one of Maryland's most important cultural and economic assets."

This acquisition underscores Maryland's commitment to preserving its horseracing heritage and maintaining its influential role within the Triple Crown series. By controlling the intellectual property rights, the state can directly influence the future direction and branding of these historic events.