Maryland Exercises Right of First Refusal to Retain Preakness Stakes Trademarks from Churchill Downs

Maryland has taken decisive action to maintain control over the Preakness Stakes by matching an $85 million offer from Churchill Downs Incorporated to acquire the intellectual property rights to the Preakness and Black-Eyed Susan Stakes. The announcement was made by Governor Wes Moore and confirmed by Churchill Downs, signaling the state’s intent to purchase the trademarks and associated rights from 1/ST Maryland rather than allow Churchill Downs, the owner of the Kentucky Derby, to consolidate ownership of two of the Triple Crown’s three signature races.

This development comes shortly after the 2026 Preakness Stakes was temporarily relocated to Laurel Park due to the ongoing redevelopment of Pimlico Race Course. The move ensured the race remained in Maryland while the long-term future of Pimlico is being reshaped. ReadHorseRacing.com previously detailed the reasons behind this temporary venue change.

In April, Churchill Downs had announced an agreement to acquire the Preakness and Black-Eyed Susan intellectual property for $85 million, with Maryland expected to continue hosting the races under a licensing arrangement. This arrangement would have brought the first two legs of the Triple Crown under Churchill Downs’ corporate umbrella, potentially centralizing control over the series’ most prestigious events.

However, Maryland exercised its right of first refusal to match the offer, thereby retaining ownership of these valuable racing brands. According to CBS Baltimore, the state plans to finance the acquisition through a tax-exempt revenue bond issuance, explicitly stating that no general fund tax dollars will be used for the purchase.

Retaining the trademarks gives Maryland a stronger position in managing the presentation, commercial rights, and future development of the Preakness Stakes. This is significant because the Preakness is not only a Grade 1 race but also a cornerstone of the state’s broader racing program, sponsorship initiatives, and the Pimlico redevelopment strategy.

The 2026 Preakness Stakes, the 151st running of the race, was won by Napoleon Solo at Laurel Park, underscoring the event’s enduring appeal. Following the Preakness, the racing world’s focus shifted to Saratoga for the Belmont Stakes. Meanwhile, Churchill Downs remains a key player in the Triple Crown narrative, especially after Golden Tempo’s Kentucky Derby victory at Churchill Downs earlier in the year.

For Maryland’s racing community, this decision ensures that one of the sport’s most historic and culturally significant races remains anchored in its home state. The Preakness Stakes has faced challenges off the track in recent years, but this acquisition clarifies its future by reaffirming Maryland’s commitment to Pimlico and the Black-Eyed Susan tradition.

Steve Yarmouth, a horse racing journalist for ReadHorseRacing.com, covers major UK and US racing news with a focus on key meetings, leading stables, jockey developments, racecourse stories, and industry-shaping decisions. His reporting style is direct and racing-literate, providing clear, informed coverage for racing enthusiasts.

This acquisition represents a pivotal moment in Maryland’s horse racing landscape, reinforcing state stewardship over the Preakness Stakes and its associated intellectual property rights during a period of significant transition for Pimlico and the Triple Crown series.