Maryland governor Wes Moore has moved to keep the Preakness Stakes and Black-Eyed Susan under state control by matching Churchill Downs’ $85 million offer for the races’ intellectual property rights.
The state announced that it will exercise its right of first refusal over the Preakness and Black-Eyed Susan IP, a decision that would stop the Kentucky Derby owner from adding the Maryland classics to its portfolio.
The move matters because the Preakness is not just another Grade 1 brand. It is the middle leg of the US Triple Crown and the commercial centrepiece of Maryland racing, with Pimlico Race Course already in line for a major state-backed redevelopment.
Maryland takes control of a Triple Crown asset
In Maryland’s announcement, Moore said the decision would secure an iconic racing asset and allow the state to shape its own horseracing future.
The release said the acquisition would be funded through tax-exempt revenue bonds issued by the Maryland Economic Development Corporation, with debt service backed by future Preakness and Black-Eyed Susan revenues rather than General Fund tax dollars.
Maryland also pointed to its existing ownership of Pimlico, the pending purchase of Laurel Park and its oversight of the Preakness as reasons to complete control of the event’s core assets.
For racing, the outcome keeps the second leg of the Triple Crown tied to Baltimore’s rebuild rather than shifting brand power to Churchill Downs. It also gives the Maryland Jockey Club a clearer platform to build sponsorship, event production and a permanent racing base around the new Pimlico.
