Maryland completes buyout of Churchill Downs stake in Preakness Stakes
Maryland’s buyout keeps the Preakness and Black-Eyed Susan in state hands, locking the second leg of the Triple Crown to Baltimore as Pimlico’s rebuild advances.
Maryland has taken full control of the Preakness Stakes’ intellectual property, a move that keeps the Triple Crown race tied to Baltimore just as the state tries to rebuild Pimlico Race Course into a long-term home for its biggest day. The Maryland Racing Commission completed the buyout of Churchill Downs Incorporated’s stake on Friday, ending a fast-moving ownership shift that could have altered who controls the brand, where it is staged and how firmly it stays rooted in Maryland.
The stakes were enormous because this was never just about a title. Churchill Downs had announced on April 21 that it had agreed to buy the Preakness Stakes and Black-Eyed Susan Stakes rights for $85 million from 1/ST Maryland LLC, with the deal expected to close after the 2026 Preakness. CDI said it would license the rights back to Maryland for an annual fee, and chief executive Bill Carstanjen framed the move as adding one of the most iconic brands in American sports to the company’s portfolio.
Instead, Maryland Gov. Wes Moore said on June 18 that the state would exercise its right of first refusal and match the $85 million offer. The Maryland Jockey Club quickly backed that decision, saying it “recognizes and applauds” Moore’s move and sees it as a step toward building a world-class racing destination while preserving 150 years of tradition.
That matters far beyond a balance-sheet transaction. The Preakness, first run in 1873, is the second leg of the Triple Crown and one of Maryland’s most valuable cultural and economic assets. Keeping the intellectual property in state hands gives Maryland more control over the race’s identity at a time when the venue question is just as important as the ownership question. In 2024, Maryland acquired Pimlico Race Course from The Stronach Group for $1, and the legislature authorized up to $400 million in bonds to reconstruct the track and build a new training facility.
The next watch point is whether that public investment now translates into a more stable future for the Preakness in Baltimore. With the Black-Eyed Susan Stakes still paired to the meet at Pimlico and the state holding both the track and the race rights, Maryland has aligned the signature spring weekend around one message: the Preakness is not just staying put, it is being built to last.
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