Maryland Gov. Wes Moore announced that 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.
Preakness Stakes Importance
The Preakness Stakes is a cornerstone of Maryland’s history, culture, and economy. This decision secures a vital asset for the state, allowing Maryland to shape its horse racing destiny and preserve its position as a key power player in the Triple Crown for generations to come.
No general fund tax dollars will be used, with the $85 million cost being funded by a tax-exempt revenue bond issuance. The state expects the fee paid to Churchill Downs Inc. to escalate over time.
The Maryland Jockey Club is 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.
Original reporting: WTVQ (Lexington) — read the source article.
