Maryland matches Churchill Downs offer to for Preakness Stakes IP rights
The state has announced its intention to exercise its right of first refusal to match the company’s $85m offer.
US.- The State of Maryland has announced its intention to exercise its right of first refusal to match the $85m offer made by Churchill Downs for the intellectual property (IP) rights to the Preakness Stakes and the Black-Eyed Susan. The state already owns Pimlico Race Course and is in the process of acquiring Laurel Park Race Course.
The governor’s office said that by owning the IP, the state will no longer be subject to the disadvantageous fee structure of the existing exclusive licensing agreement, which would increase costs over time. Instead, it will operate under a model that “prioritises industry health and community benefit, consistent with the non-profit model adopted by the Maryland Jockey Club,” it said.
Governor Wes Moore said in a statement: “The Preakness Stakes is more than just a race; it is a cornerstone of Maryland’s history, culture, and economy. Our administration has made historic investments to revitalise Pimlico Race Course and secure the long-term sustainability of the Maryland horseracing industry.
“This decision secures a vital asset for our state, allows Maryland to shape its horseracing destiny, and by leveraging the Preakness’s iconic status and partnering with industry experts to enhance the fan experience, preserve Maryland’s position as a key power player in the Triple Crown for generations to come.”
