Governor Moore Announces Maryland to Exercise Right of First Refusal to Acquire Preakness Intellectual Property, Securing Future of Preakness in Maryland for Generations to Come

Updated: Thursday, June 18, 2026

ANNAPOLIS, MD – Today, the State of Maryland formally announced its intention to exercise its right of first refusal to match the $85 million offer made by Churchill Downs, Inc. to acquire the intellectual property (IP) rights to the Preakness Stakes and the Black-Eyed Susan. By exercising this right, the State of Maryland will secure ownership of these iconic racing assets, ensuring that Maryland remains in firm control of the state’s multi-billion dollar horseracing industry for decades.

“The Preakness Stakes is more than just a race; it is a cornerstone of Maryland’s history, culture, and economy,” said Gov. Wes Moore. “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.”

The decision to exercise the State’s right of first refusal follows a strategic evaluation of the offer made by Churchill Downs. With the State already holding ownership of Pimlico Race Course, the pending purchase of Laurel Park Race Course, and overseeing the management of the Preakness, this decision to acquire the IP rights completes the State’s control over the essential assets of the race.

Ensuring Long-Term Sustainability

This acquisition is a strategic move to ensure the Preakness Stakes remains a world-class event, managed in the best interest of Maryland’s racing community and taxpayers. By owning the IP, the State 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.

The acquisition will be funded through a tax-exempt revenue bond issuance by the Maryland Economic Development Corporation (MEDCO). Importantly, no General Fund tax dollars will be used to pay for this acquisition. The debt service will be backed by future revenues generated by the Preakness Stakes and Black-Eyed Susan, including wagering, ticketing, and sponsorship streams.

Partnering for the Future

The State remains committed to growing the Preakness and enhancing its status as a premier event in the Triple Crown. The Maryland Jockey Club has already secured partnerships with best-in-class industry leaders, including Oak View Group for sponsorship growth and KO Productions for world-class event production. While the State will now own the IP, it remains open to identifying areas of mutual interest with Churchill Downs and other industry partners to benefit the broader Triple Crown and the sport of horseracing.

In 2024, the Maryland General Assembly authorized the Maryland Stadium Authority to issue $400 million in bonds to redevelop the Pimlico Race Course in Baltimore. The new facility will support over 500 jobs, and go from hosting approximately 15 racing days per year to becoming the permanent home of Maryland Thoroughbred racing with more than 100 racing days annually. As the centerpiece of Maryland’s Thoroughbred racing industry—which sustains more than 28,000 jobs and has generated approximately $3 billion in economic impact—the new Pimlico Race Course will be a year-round hub of economic activity for Park Heights, surrounding communities, and Baltimore City. 

The State of Maryland has also prioritized investments in Park Heights through the ENOUGH Initiative, which has provided nearly $3 million to revitalization efforts led by Park Heights Renaissance. One of 27 ENOUGH communities, Park Heights is implementing evidence-backed initiatives to improve the wellbeing of young people, including revitalizing vacant homes, addressing food insecurity for residents, and strengthening educational resources for parents.

"The Preakness is more than a horse race. It is one of Maryland’s most iconic brands, one of its most important cultural assets, and one of the State’s strongest opportunities for long-term economic growth,” said Mark Anthony Thomas, President and CEO of the Greater Baltimore Committee. “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. 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. Acquiring the Preakness intellectual property secures one of Maryland’s signature assets and creates an opportunity to generate even greater economic value through tourism, business investment, sponsorship, job creation, and cultural activity. We look forward to working alongside the State, the Maryland Jockey Club, and partners across Maryland to help maximize this opportunity and ensure the Preakness continues to grow as a source of pride, prosperity, and economic opportunity for generations to come."

“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,” said Kentucky Derby winning trainer and Maryland Thoroughbred Horsemen’s Association Board Member H. Graham Motion. “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.”

“This is a defining moment for Maryland racing,” said Maryland Thoroughbred Horsemen’s Association President, The Maryland Jockey Club Board Member Katharine M. Voss. “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.”

“This decision protects one of Maryland’s most valuable assets while creating long-term stability for our racing and breeding industries,” said Maryland Thoroughbred Horsemen’s Association Vice President, The Maryland Jockey Club Board Member Timothy L. Keefe. “We appreciate Governor Moore’s willingness to take a thoughtful, forward-looking approach that strengthens Maryland racing and safeguards the future of the Preakness for decades to come.”

“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 Maryland Thoroughbred Horsemen’s Association Executive Director, David Richardson. “By bringing the Preakness under Maryland ownership, he has helped ensure that the benefits, growth, and legacy of this world-class event remain here for the people of Maryland. We are grateful for his vision, leadership, and unwavering commitment to our state, and we look forward to building new partnerships that will strengthen Maryland racing, support Baltimore’s revitalization, and elevate the Preakness to even greater heights in the years ahead.”

“In keeping with Governor Moore’s vision, the Maryland Jockey Club is ready to further elevate the Preakness into a world-class, bucket-list event for Marylanders and racing fans worldwide,” said Bill Knauf, President and General Manager of The Maryland Jockey Club. “Additionally, we will work with our strategic partners on exciting new events and entertainment options leading up to Preakness weekend. We also very much look forward to collaborating with our Triple Crown partners.”

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