Maryland will secure ownership of the intellectual property rights to the Preakness Stakes and Black-Eyed Susan horse racing events. Gov. Wes Moore announced Thursday that the state of Maryland intends to exercise its right of first refusal to match Churchill Downs’ $85 million offer to acquire those rights.
Preserving Maryland’s Racing Heritage
According to state officials, the decision to secure the IP rights means Maryland will no longer be subject to the disadvantageous fee structure of the existing exclusive licensing agreement. Instead, the State will operate under a model that prioritizes industry health and community benefit, consistent with the nonprofit model adopted by the Maryland Jockey Club.
H. Graham Motion, a Kentucky Derby-winning trainer and a board member for the Maryland Thoroughbred Horsemen’s Association, praised the state’s move to secure the IP rights. Pimlico Race Course, which traditionally hosts the Preakness Stakes and Black-Eyed Susan races, is undergoing a $400 million redevelopment to restore and modernize the historic horseracing track in northwest Baltimore.
Original reporting: Baltimore Fishbowl — read the source article.
