Overview
- Maryland finalized an $85 million purchase of the Preakness Stakes and Black‑Eyed Susan Stakes intellectual property in late July, making the state the legal owner of the race brands.
- The deal was financed with tax-exempt notes issued by the Maryland Economic Development Corporation so no general fund dollars were used.
- Under the financing plan the Maryland Jockey Club will make roughly $6 million to $7 million in annual payments over about 30 years to repay the bonds.
- State ownership ends the prior perpetual licensing fee arrangement with 1/ST Racing and prevents Churchill Downs from acquiring the race rights.
- The purchase joins larger state investments in racing infrastructure, including a multi-hundred-million-dollar rebuild of Pimlico and conversion of Laurel Park, with next year’s Preakness planned for a still-under-construction Pimlico using temporary facilities for roughly 20,000 spectators.