MTHA APPLAUDS GOVERNOR'S DECISION TO SECURE PREAKNESS STAKES FOR MARYLAND

State Exercises Right of First Refusal, Preserving Ownership of Historic Triple Crown Event for Future Generations‍

The Maryland Thoroughbred Horsemen’s Association today thanked Governor Wes Moore and the State of Maryland for exercising the state’s right of first refusal to acquire the Preakness Stakes intellectual property, ensuring permanent Maryland ownership of one of the state’s most important economic assets.

In a June 18th letter to 1/ST Racing and Churchill Downs Incorporated (CDI), Governor Moore formally notified the parties that Maryland intends to purchase the Preakness Stakes intellectual property for $85 million, matching CDI's proposed acquisition price. The action secures ownership of the Preakness name, branding, and associated intellectual property for the people of Maryland and represents a historic milestone in the state’s ongoing effort to preserve and strengthen Thoroughbred racing.

The acquisition comes as Maryland continues its historic investment in racing through the redevelopment of Pimlico Race Course, the modernization of racing infrastructure, and the creation of a long-term, non-profit operating model designed to ensure the sustainability of Maryland’s racing and breeding industries.

Importantly, the acquisition will not require new taxpayer appropriations. The transaction will be financed and repaid using revenue streams already dedicated to Maryland’s racing industry. The funding structure ensures that industry-generated revenues, rather than taxpayer dollars, will support the acquisition while allowing Maryland to secure permanent ownership of one of its most valuable sporting and cultural assets.

“Governor Moore recognized a once-in-a-generation opportunity to secure permanent ownership of one of Maryland’s most important cultural and economic assets,” said MTHA Executive Director David Richardson. “Just as importantly, this acquisition demonstrates that Maryland’s racing industry can invest in its own future, as the cost of the intellectual property will be paid by the racing industry and not the state. This industry-funded investment converts perpetual payments into permanent ownership, ensuring that the value, growth, and legacy of the Preakness remain in Maryland for generations to come.”

Rather than continuing under a perpetual licensing arrangement that would have required escalating annual payments indefinitely, Maryland chose to secure ownership of the Preakness outright. Under the previous structure, licensing costs would have continued to grow over time while ownership remained elsewhere. By purchasing the intellectual property, Maryland establishes a finite repayment period and ensures that the long-term value of the Preakness remains with the people of Maryland.

For generations, the Preakness Stakes has been far more than a horse race. As the middle jewel of racing’s Triple Crown, it has served as a cornerstone of Maryland’s identity while generating hundreds of millions of dollars in economic activity, supporting thousands of jobs, attracting visitors from around the world, and showcasing Maryland on an international stage every spring. Securing ownership of the event ensures that its future growth and value will continue to benefit Maryland businesses, workers, and communities.

“This is a defining moment for Maryland racing. We look forward to working alongside Governor Moore and the State of Maryland to build a stronger future for our industry, ensure the Preakness remains in Baltimore permanently, and leverage this historic event as a catalyst for continued investment and revitalization of a city we love.”

The acquisition also strengthens the foundation for the state’s broader vision for racing. As Maryland rebuilds Pimlico Race Course and invests in the future of the sport, ownership of the Preakness aligns one of the industry’s most valuable brands with the long-term interests of Maryland horsemen, breeders, fans, and taxpayers.

“This decision protects one of Maryland’s most valuable assets while creating long-term stability for our racing and breeding industries,” said MTHA Vice President and Maryland Jockey Club Board Member Timothy L. Keefe. “We appreciate Governor Moore’s willingness to take a thoughtful, forward-looking approach that strengthens Maryland racing and safeguards the future of the Preakness for decades to come.”

Governor Moore noted in his letter that the Preakness Stakes is “a cornerstone of Maryland’s cultural heritage” and expressed his belief that Maryland’s ownership can create new opportunities for collaboration, innovation, and growth that benefit the Preakness, Maryland’s racing industry, and the entire Triple Crown.

“As someone who has spent my career in Maryland racing and had the privilege of winning a Triple Crown race and competing in the Preakness, I know firsthand what this race means to our sport and our community,” said Kentucky Derby-winning trainer and MTHA Board Member H. Graham Motion. “Governor Moore’s leadership helps ensure that future generations of horsemen, fans, and Maryland families will continue to celebrate the Preakness where it belongs, right here in Maryland.”

Industry leaders emphasized that the acquisition represents a strategic investment funded by the racing industry itself. Rather than relying on taxpayer support, the financing utilizes revenue sources already allocated to Maryland racing. By converting what would have been perpetual licensing payments into a finite ownership investment, Maryland is securing a long-term asset while maintaining a sustainable financial model for the industry.

The MTHA looks forward to working with Governor Moore, the Maryland General Assembly, MEDCO, The Maryland Jockey Club, industry stakeholders, and community leaders to build on this historic achievement and ensure the continued growth and success of the Preakness Stakes for generations to come.

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