Maryland has moved to keep the Preakness Stakes firmly under state control after matching Churchill Downs Incorporated’s $85 million offer for the intellectual property rights to the Preakness and Black-Eyed Susan Stakes.
The decision, announced by Governor Wes Moore and confirmed by Churchill Downs Incorporated, means the state intends to acquire the trademarks and associated rights from 1/ST Maryland rather than allow the company behind the Kentucky Derby to take ownership of the two Maryland race brands.
It is a major development for the middle leg of the Triple Crown, coming only weeks after the 2026 Preakness was staged at Laurel Park while Pimlico undergoes redevelopment. ReadHorseRacing has previously explained why the Preakness moved to Laurel Park, a temporary switch that has kept the race in Maryland while the long-term future of Pimlico is reshaped.
Preakness Brand Stays With Maryland
Churchill Downs had announced in April that it had reached an agreement to buy the Preakness and Black-Eyed Susan intellectual property for $85 million, with Maryland expected to continue staging the races under a licensing arrangement. That would have placed the brand rights to the first two Triple Crown legs under the same corporate umbrella, with Churchill Downs already owning the Kentucky Derby.
Maryland has now used its right of first refusal to match the offer. CBS Baltimore reported that the purchase will be funded through a tax-exempt revenue bond issuance, with the state’s position being that no general fund tax dollars will be used.
The move gives Maryland a firmer hand over the presentation and commercial future of its signature race. That matters because the Preakness is not only a Grade 1 contest but also the anchor around which the state’s wider racing programme, sponsorship plans and redevelopment strategy are being built.
The 2026 running underlined the race’s continuing pull, with Napoleon Solo winning the 151st Preakness at Laurel Park before the sport’s attention shifted on to Saratoga for the Belmont Stakes. Churchill Downs remains central to the wider Triple Crown conversation, particularly after Golden Tempo’s Kentucky Derby win at Churchill Downs opened this year’s series.
For Maryland racing, though, this is about keeping one of the sport’s most historic names tied to its home state at a time when the shape of the Triple Crown is being closely watched. The Preakness has had a complicated few years off the track, but this decision gives its future a clearer centre of gravity: Maryland, Pimlico and the Black-Eyed Susan tradition remain at the heart of the plan.
