Maryland will secure ownership of the intellectual property rights to the Preakness Stakes and Black-Eyed Susan horse racing events. Gov. Wes Moore announced Thursday that the state of Maryland intends to exercise its right of first refusal to match Churchill Downs’ $85 million offer to ac quire those rights. “The Preakness Stakes is more than just a race; it is a cornerstone of Maryland’s history, culture, and economy,” Moore said in a statement. “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.” According to state officials, the decision to secure the IP rights means Maryland “will no longer be subject to the disadvantageous fee structure of the existing exclusive licensing agreement, which would have escalated costs for the State over time. Instead, the State will operate under a model that prioritizes industry health and community benefit, consistent with the nonprofit model adopted by the Maryland Jockey Club.” “Ownership ensures that the decisions shaping the future of the Preakness are made in the interest of Maryland and that the value created through public investment benefits Maryland taxpayers, businesses, workers, communities, and the equine industry,” said Mark Anthony Thomas, president and CEO of the Greater Baltimore Committee, in a statement. “The Greater Baltimore Committee applauds Governor Wes Moore for his thoughtful leadership, due diligence, and commitment to ensuring that this decision reflects the long-term interests of the State.” To match Churchill Downs’ $85 million offer, Maryland will use funding through a tax-exempt revenue bond issuance by the Maryland Economic Development Corporation (MEDCO). The state said it will not use any General Fund tax dollars to pay for this acquisition.  Wagering, ticketing, sponsorship streams, and any other future revenues generated by the Preakness Stakes and Black-Eyed Susan events will back the debt service. H. Graham Motion, a Kentucky Derby-winning trainer and a board member for the Maryland Thoroughbred Horsemen’s Association, praised the state’s move to secure the IP rights. “As someone who has spent my career in Maryland racing and had the privilege of winning a Triple Crown Race and competing in the Preakness, I know firsthand what this race means to our sport and our community,” Motion said in a statement. “Governor Moore’s leadership helps ensure that future generations of horsemen, fans, and Maryland families will continue to celebrate the Preakness where it belongs, right here in Maryland.” Pimlico Race Course, which traditionally hosts the Preakness Stakes and Black-Eyed Susan races, is undergoing a $400 million redevelopment to restore and modernize the historic horseracing track in northwest Baltimore. During that overhaul, this year’s Preakness Stakes and Black-Eyed Susan races took place at Laurel Park Race Course Maryland acquired ownership of Pimlico Race Course from the Stronach Group for $1 in 2024. The state is also in the process of acquiring Laurel Park Race Course from 1/ST Holdings, a division of The Stronach Group. State officials said Maryland’s decision to acquire the IP rights “completes the State’s control over the essential assets of the race.” “This is a defining moment for Maryland racing,” said Katharine M. Voss, Maryland Thoroughbred Horsemen’s Association President and a board member for The Maryland Jockey Club, in a statement. “We look forward to working alongside Governor Moore and the State of Maryland to build a stronger future for our industry, ensure the Preakness remains in Baltimore permanently, and leverage this historic event as a catalyst for continued investment and revitalization of a city we love.” ...read more read less