BALTIMORE — We're less than a month away from the 151st running of the Preakness Stakes.
While huge changes are already in place, such as this year's race being held at Laurel Park while Pimlico undergoes redevelopment, an even bigger development occurred on Tuesday.
Churchill Downs Incorporated, who runs the Kentucky Derby, announced an agreement with 1/ST Maryland LLC., to acquire all intellectual property and rights to the Preakness and Black-Eyed Susan Stakes.
The reported transaction will cost $85 million.
Under the agreement, Baltimore would remain home to the Preakness.
Churchill Downs says it will license rights to the race to Maryland for an annual fee.
Preakness, of course, is the second leg of horse racing's Triple Crown.
The Black-Eyed Susan, meanwhile, is a race for three-year-old fillies traditionally held at Pimlico the day before Preakness.
Churchill Downs expects the deal to officially close after the 2026 Preakness Stakes.
Below is a statement provided by WMAR-2 News from Governor Wes Moore's office.
"The Maryland thoroughbred industry is vital to Maryland's economy, its culture, and its history, with the Preakness Stakes being our crown jewel. In partnership with the General Assembly and industry stakeholders, the Moore-Miller Administration is undertaking a historic investment in securing the future of Maryland horseracing through the redevelopment of Pimlico Race Course and the acquisition of Laurel Park. In the coming weeks, we look forward to engaging with Churchill Downs to learn more about this agreement, discuss opportunities for partnerships, and better understand their vision to grow this industry in Maryland and strengthen the future of Preakness in Baltimore."
