Maryland State to Acquire Preakness Stakes Intellectual Property, Ensuring Long-Term Control of Iconic Horse Racing Event

ANNAPOLIS, MD – The State of Maryland today announced its formal decision to exercise its right of first refusal to acquire the intellectual property (IP) rights to the Preakness Stakes and the Black-Eyed Susan. This move matches an $85 million offer previously made by Churchill Downs, Inc., thereby securing ownership of these historic racing trademarks for the state.

Governor Wes Moore emphasized the significance of the Preakness Stakes beyond the racetrack, describing it as a "cornerstone of Maryland’s history, culture, and economy." He highlighted the administration’s historic investments aimed at revitalizing Pimlico Race Course and ensuring the long-term sustainability of Maryland’s 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," Governor Moore stated.

The State’s choice follows a strategic evaluation of Churchill Downs’ offer. Maryland already owns Pimlico Race Course, is in the process of acquiring Laurel Park Race Course, and oversees the management of the Preakness. Acquiring the IP rights completes the State’s control over the essential components of the race.

Ownership of the Preakness IP will enable Maryland to operate free from the escalating fees imposed by the current exclusive licensing agreement. Instead, the State will adopt a nonprofit operational model consistent with the Maryland Jockey Club’s approach, prioritizing the health of the horseracing industry and community benefits.

Funding for the acquisition will come from a tax-exempt revenue bond issued by the Maryland Economic Development Corporation (MEDCO). Importantly, no General Fund tax dollars will be used. The debt service will be supported by future revenues from wagering, ticket sales, and sponsorships related to the Preakness Stakes and Black-Eyed Susan.

The State remains committed to expanding the Preakness Stakes’ stature as a premier Triple Crown event. The Maryland Jockey Club has secured partnerships with leading industry entities, including Oak View Group for sponsorship growth and KO Productions for event production. While Maryland now owns the IP, it remains open to collaboration with Churchill Downs and other partners to benefit the broader horseracing community.

In 2024, the Maryland General Assembly authorized the Maryland Stadium Authority to issue $400 million in bonds for redeveloping Pimlico Race Course in Baltimore. The redevelopment will create over 500 jobs and transform Pimlico into a year-round hub with more than 100 racing days annually, up from approximately 15.

The Thoroughbred racing industry in Maryland supports over 28,000 jobs and generates roughly $3 billion in economic impact. The new Pimlico facility will serve as a central economic driver for Park Heights, surrounding neighborhoods, and Baltimore City.

The State has also invested nearly $3 million in Park Heights through the ENOUGH Initiative, supporting revitalization efforts led by Park Heights Renaissance. This program addresses community needs such as housing, food security, and educational resources.

Mark Anthony Thomas, President and CEO of the Greater Baltimore Committee, praised the acquisition as securing one of Maryland’s most iconic brands and a catalyst for economic growth through tourism, business investment, and job creation.

Kentucky Derby-winning trainer and Maryland Thoroughbred Horsemen’s Association Board Member H. Graham Motion reflected on the significance of the Preakness to the sport and community, endorsing Governor Moore’s leadership in preserving the race in Maryland.

Maryland Thoroughbred Horsemen’s Association leaders Katharine M. Voss, Timothy L. Keefe, and Executive Director David Richardson expressed strong support for the State’s acquisition, highlighting its importance for industry stability, economic development, and Baltimore’s revitalization.

Bill Knauf, President and General Manager of the Maryland Jockey Club, affirmed readiness to elevate the Preakness into a world-class event and collaborate with strategic partners to enhance the race weekend experience.