Maryland Moves to Secure Preakness Future with $85 Million Rights Match
The future of the Preakness Stakes will remain firmly in Maryland’s hands after state officials announced they will match the $85 million offer previously made by Churchill Downs Incorporated for the intellectual property rights associated with the Preakness Stakes and the Black-Eyed Susan Stakes.
Governor Wes Moore confirmed Thursday that Maryland will exercise its right of first refusal, allowing the state to acquire ownership of the branding and intellectual property tied to the two signature races. The move comes just months after Churchill Downs Incorporated revealed plans to purchase those rights from 1/ST Racing and then license them back to Maryland on an annual basis.
For Maryland’s racing industry, the decision represents another major step in an ongoing effort to safeguard the long-term future of one of Thoroughbred racing’s most historic events.
“The Preakness Stakes is more than just a race,” Moore said in a statement, emphasizing its significance to Maryland’s heritage, economy, and identity. State leaders believe direct ownership will provide greater control over the event’s future while preserving Maryland’s place in the Triple Crown landscape for generations to come.
According to the governor’s office, the acquisition will not be funded through Maryland’s general tax revenues. Instead, officials plan to finance the purchase through tax-exempt revenue bonds. Those bonds would be repaid through revenues generated by the Preakness, including ticket sales, wagering activity, sponsorship agreements, and related event income.
Industry leaders quickly applauded the announcement.
Maryland Thoroughbred Horsemen’s Association President Katharine M. Voss described the decision as a pivotal moment for the state’s racing business, while Greater Baltimore Committee President and CEO Mark Anthony Thomas noted that ownership ensures the future direction of the Preakness will be determined with Maryland’s interests at the forefront.
The announcement arrives during a transformative period for Maryland racing. A massive redevelopment project is underway at historic Pimlico Race Course, the traditional home of the Preakness and Black-Eyed Susan. Because of the construction, the 2026 editions of both races were contested at Laurel Park on a temporary basis. Officials have repeatedly stated their intention to return the Preakness to Pimlico once construction milestones are completed.
Maryland Jockey Club President and General Manager Bill Knauf previously expressed confidence that the event would return to Pimlico next year, with expectations that the facility’s new grandstand will be fully completed by 2028.
The Maryland Jockey Club, now operating as a nonprofit organization, is preparing to assume responsibilities previously handled by 1/ST Racing as the state continues its broader plan to centralize and strengthen Thoroughbred racing in Maryland.
By matching Churchill Downs’ bid, Maryland has made it clear that the state’s most famous sporting event is not leaving home anytime soon. For a race first run in 1873 and long regarded as the Middle Jewel of the Triple Crown, the move signals a commitment to preserving both tradition and control at a time of significant change throughout the industry.
