Maryland Jockey Club says Churchill Downs Preakness deal won’t alter Pimlico control

Confusion hit fast after Churchill Downs Incorporated agreed to pay $85 million for the Preakness Stakes and Black-Eyed Susan Stakes intellectual property. The deal sounded like a power grab, but the Maryland Jockey Club says the real control structure at Pimlico Race Course remains unchanged, with Maryland still running the races on the ground.

The club said the State of Maryland was notified by 1/ST Maryland LLC, the Stronach Group affiliate, that it had reached a tentative agreement to transfer the Preakness intellectual property to Churchill Downs. Even so, the intended transfer does not affect the Maryland Jockey Club’s full operational control and responsibility for the Black-Eyed Susan Stakes and Preakness Stakes, both of which are scheduled to be held at Pimlico beginning in 2027.

That distinction matters because it splits ownership from operation. Churchill Downs said its purchase covers the trademarks and associated rights tied to both races, and that the transaction is subject to customary closing conditions and expected to close after the 2026 Preakness Stakes. Churchill Downs also said it will license the intellectual property back to Maryland for race operations in exchange for an annual fee, meaning the races can still be staged in Maryland even as the brand rights sit in Louisville, Kentucky.

The Maryland Jockey Club added another layer to the map of control: it retains media rights and licensing for the Preakness under the Master Agreement dated June 28, 2024. In practical terms, that means Churchill Downs may own the name and commercial property, but Maryland still controls the race-week machinery that determines how Pimlico operates, how the event is presented and how the Black-Eyed Susan and Preakness are staged.

The split arrives as Maryland’s broader racing overhaul moves ahead. The Maryland Stadium Authority, Maryland Economic Development Corporation and the Maryland Jockey Club are overseeing the Pimlico rebuild, with the current plan calling for Pimlico to become a year-round racing facility and Laurel Park to serve as the training center. That reworking, first laid out in the state’s 2024 racing plan, is aimed at preserving Maryland’s racing base while reshaping where the day-to-day work gets done.

For Baltimore, the stakes go well beyond trademarks. The Preakness, first run in 1873, remains a major economic driver, and the Black-Eyed Susan is still the traditional lead-in the day before. Keeping operational control at Pimlico while selling the intellectual property gives Maryland leverage over race-week decisions, even as Churchill Downs secures a valuable piece of horse racing’s most recognizable calendar.