ANNAPOLIS, Md. — The State of Maryland is putting up $85 million to obtain the intellectual property rights for the Preakness Stakes and the Black-Eyed Susan.
The move comes after Churchill Downs made a bid for the IP rights earlier this year.
"The Preakness Stakes is more than just a race," said Governor Wes Moore in a statement Thursday afternoon. "It is a cornerstone of Maryland's history, culture, and economy."
Maryland takes control of Preakness Stakes IP rights
The State is matching the Churchill Downs offer and exercising its first right of refusal for the sale.
"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, preserves Maryland's position as a key power player in the Triple Crown for generations to come," Moore added.
In a press release, the Governor's Office added that the $85 million will not come out of the state's General Fund.
"The acquisition will be funded through a tax-exempt revenue bond issuance by the Maryland Economic Development Corporation," the release reads.
With the state owning the rights, they will also no longer have to pay to use the intellectual property, which can save the state money over time.
"Ownership ensures that the decisions shaping the future of the Preakness are made in the interest of Maryland and that the equine industry," said the President and CEO of the Greater Baltimore Committee, Mark Anthony Thomas.
Pimlico Race Course in Baltimore is currently being redeveloped. The 2026 Preakness Stakes took place in Laurel.
"Governor Moore recognized a once-in-a-generation opportunity to secure permanent ownership of one of Maryland's most important cultural and economic assets," said Executive Director of the Maryland Thoroughbred Horsemen's Association, David Richardson.
