State Finalizes Acquisition of Preakness Stakes Intellectual Property

The Maryland Thoroughbred Horsemen’s Association (MTHA) applauds the State of Maryland’s successful acquisition of the intellectual property rights to the Preakness Stakes, marking another historic milestone in securing the future of Maryland Thoroughbred racing.

With the completion of the $85 million purchase today from 1/ST Racing, ownership of the Preakness Stakes name and related trademarks now officially resides with the State of Maryland, ensuring that the second jewel of the Triple Crown remains firmly rooted where it belongs for generations to come.

The acquisition follows the State’s decision earlier this summer to exercise its right of first refusal after an outside offer was made to purchase the Preakness brand. Together with the State’s acquisition of Laurel Park and the ongoing redevelopment of Pimlico Race Course, the transaction represents another major step in the transformation of Maryland’s racing industry under the vision established through the Governor Wes Moore's office, the State legislature and the Maryland Jockey Club.

“This is an investment not only in one race, but in the future of Maryland Thoroughbred racing,” said Governor Wes Moore. “The Preakness Stakes is a cornerstone of Maryland’s history, culture, and economy, and our administration is committed to preserving Maryland’s place as a leader in the Triple Crown for generations to come.”

For Maryland’s horsemen, breeders, owners, trainers, jockeys, and countless industry participants, the acquisition provides long-term certainty that the State’s signature racing event will continue to serve as the centerpiece of Maryland racing while supporting thousands of jobs and generating significant economic activity.

The Maryland Jockey Club, established as the nonprofit operator of live Thoroughbred racing in Maryland, will continue working alongside the MTHA, the Maryland Horse Breeders Association, TMJC, MEDCO, state leaders, and the broader racing community to build a sustainable future for the sport.

“The completion of this acquisition reflects what can be accomplished when the State and industry stakeholders work together toward a common goal,” said MTHA Executive Director David Richardson. “For decades, Maryland’s horsemen have recognized the importance of preserving the Preakness and strengthening our racing industry. Today’s announcement provides long-term security for one of the most recognizable brands in sports and creates a solid foundation as we continue rebuilding Maryland racing.”

The purchase is being financed through bonds issued by the Maryland Economic Development Corporation (MEDCO), with the Maryland Jockey Club making annual payments over the next 30 years.

The acquisition complements the State’s ongoing investment in Maryland’s racing infrastructure. Laurel Park will transition into the State’s primary Thoroughbred training center, while construction continues on the new Pimlico Race Course. Together, these projects represent more than a half-billion-dollar investment in the future of Maryland racing.

The 2027 Preakness Stakes is expected to be conducted at the redeveloped Pimlico Race Course using temporary spectator facilities while construction progresses, with the permanent venue anticipated to be completed in 2028.

Maryland Jockey Club President Bill Knauf emphasized the significance of bringing all of the State’s premier racing assets together under public ownership.

“With all assets now residing with the State, we will work closely with the Maryland, Baltimore, and Park Heights business communities to showcase the Preakness on the national stage,” Knauf said.

As Maryland continues this unprecedented transformation of its Thoroughbred industry, the acquisition of the Preakness intellectual property represents another critical step toward ensuring that one of the world’s most celebrated horse races remains an enduring source of pride for Maryland while supporting a vibrant and sustainable racing industry for generations to come.

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