Preakness future secured
Maryland secures Preakness Stakes brand for $85 million, ending event uncertainty
Maryland will keep the Preakness Stakes. Gov. Wes Moore announced on June 18 that the state will match an $85 million offer from Churchill Downs Inc. to buy the race's intellectual property, according to CBS News. The move ends months of uncertainty over whether Kentucky's biggest racing company would take control of the second leg of the Triple Crown.
The state will fund the purchase entirely through tax-exempt revenue bonds issued by the Maryland Economic Development Corporation (MEDCO). Those bonds will be paid back using future revenues from the Preakness and Black-Eyed Susan Stakes — not money from the general fund, BloodHorse reported.
How Maryland Got the Right to Match Churchill Downs
The deal traces back to May 2024, when Gov. Moore signed a law taking over Pimlico Race Course and Laurel Park. That law included a Right of First Refusal, giving Maryland the power to match any outside offer for the Preakness brand, according to Maryland Daily Record. On April 21, 2026, Churchill Downs announced it had struck an $85 million deal to buy the IP from 1/ST Racing, the Stronach Group's racing arm. That triggered Maryland's option.
By May 14, state officials confirmed they were formally weighing the match, BloodHorse reported. Moore's June 18 announcement closed the door on Churchill Downs. Under the deal, a newly formed nonprofit called the Maryland Jockey Club will hold full ownership and control of the race, shifting the Preakness from a privately licensed event to a state-owned asset.
Moore Says It Protects Maryland's Identity and Economy
Moore framed the purchase as essential to the state's future. "The Preakness Stakes is more than just a race; it is a cornerstone of Maryland's history, culture, and economy," he said, according to CBS News. Supporters point out that the state is already spending roughly $400 million to rebuild Pimlico. Without owning the brand, a private company like Churchill Downs could have moved the race or raised licensing costs sharply.
Horse racing supports about 25,000 jobs in Maryland and contributes roughly $2 billion a year to the state's economy, according to Baltimore Fishbowl. MEDCO analysts say the state can comfortably cover bond payments through race revenues, keeping the deal off the backs of everyday taxpayers. The Preakness is expected to return to a rebuilt Pimlico in 2027, though construction will still be underway at that time.
Critics Call the $85M Price Tag an 'Idiotic Decision'
Not everyone is cheering. Fiscal critics in Annapolis have called the purchase an "idiotic decision" and a waste of public money, according to Maryland Daily Record. They argue that paying $85 million for a name and trademarks — intangible assets — is hard to justify when the state faces pressing infrastructure needs. The fact that bonds, not direct taxes, fund the deal does little to ease their concern.
Churchill Downs CEO Bill Carstanjen took the loss in stride. He said it is "understandable" why Maryland would want to keep the asset, and noted his company remains open to working with the state on the Pimlico redevelopment, Casino.org reported. CDI's stock has fallen about 23% so far in 2026, which analysts say made the company an aggressive bidder for new growth assets, according to Investing.com.
What Ownership Means for the Triple Crown's Future
Before this deal, Maryland paid licensing fees to 1/ST Racing just to host its own most famous race. Now the state is the landlord. Owning the brand means Maryland — not a corporation in Louisville — sets the terms for how the Preakness looks, feels, and operates for generations to come, Thoroughbred Daily News reported.
The acquisition also locks in the race's place in the Triple Crown calendar. With the Kentucky Derby owned by Churchill Downs and the Belmont Stakes run under New York Racing Association, Maryland now sits at the same table as a permanent owner rather than a host city. The state's model mirrors NYRA's nonprofit structure — a setup that has kept the Belmont Stakes in New York for over 150 years, according to AP News.
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