Maryland exercises its right to match an $85 million offer to keep Preakness branding rights
Maryland Gov. Wes Moore said the state will exercise its right of first refusal to match Churchill Downs Incorporated's $85 million offer for intellectual property of the Preakness Stakes and Black-Eyed Susan Stakes
Maryland Gov. Wes Moore said Thursday the state will exercise its right of first refusal to match Churchill Downs Incorporated’s $85 million offer for the intellectual property of the Preakness Stakes and the Black-Eyed Susan Stakes.
Churchill Downs Inc., which runs the Kentucky Derby to open the Triple Crown, announced in April it was buying the branding rights to the second leg, as well as the race for fillies the precedes it by a day, from 1/ST Racing with the intent of licensing it back to Maryland annually to stage the races.
"The Preakness Stakes is more than just a race: It is a cornerstone of Maryland’s history, culture, and economy," Moore said in a statement. "This decision secures a vital asset for our state, allows Maryland to shape its horse racing 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.”
Moore said no general fund tax dollars would be used, with the $85 million cost instead being funded by a tax-exempt revenue bond issuance, which would be paid back by money generated by the race through ticketing, wagering and sponsorships. The state expected the fee paid to Churchill Downs Inc. would escalate over time.
Maryland Thoroughbred Horsemen’s Association President Katharine M. Voss called the decision a defining moment for Maryland racing.
"Ownership ensures that the decisions shaping the future of the Preakness are made in the interest of Maryland," Greater Baltimore Committee President and CEO Mark Anthony Thomas said.
“We plan to be back there next year,” Maryland Jockey Club president and general manager Bill Knauf told The Associated Press in an interview last month. The expectation is for the full grandstand to be ready by May 2028.
The Maryland Jockey Club is the nonprofit organization set to take over for 1/ST Racing, which is transferring control to the state. The plan is for year-round racing to take place at Pimlico.
Copyright 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Keep the discussion civilized. Absolutely NO
personal attacks or insults directed toward writers, nor others who
make comments. Keep it clean. Please avoid obscene, vulgar, lewd,
racist or sexually-oriented language. Don't threaten. Threats of harming another
person will not be tolerated. Be truthful. Don't knowingly lie about anyone
or anything. Be proactive. Use the 'Report' link on
each comment to let us know of abusive posts. PLEASE TURN OFF YOUR CAPS LOCK. Anyone violating these rules will be issued a
warning. After the warning, comment privileges can be
revoked.
Please purchase a Premium Subscription to continue reading.
To continue, please log in, or sign up for a new account.
We offer one free story view per month. If you register for an account, you will get two additional story views. After those three total views, we ask that you support us with a subscription.
A subscription to our digital content is so much more than just access to our valuable content. It means you’re helping to support a local community institution that has, from its very start, supported the betterment of our society. Thank you very much!
(0) comments
Welcome to the discussion.
Log In
Keep the discussion civilized. Absolutely NO personal attacks or insults directed toward writers, nor others who make comments.
Keep it clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
Don't threaten. Threats of harming another person will not be tolerated.
Be truthful. Don't knowingly lie about anyone or anything.
Be proactive. Use the 'Report' link on each comment to let us know of abusive posts.
PLEASE TURN OFF YOUR CAPS LOCK.
Anyone violating these rules will be issued a warning. After the warning, comment privileges can be revoked.