Key facts
- Maryland will match an $85 million offer for the Preakness Stakes and Black-Eyed Susan Stakes branding rights.
- The offer was made by Churchill Downs Incorporated.
- Maryland is exercising its right of first refusal.
- Governor Wes Moore announced the state's decision.
- The decision aims to secure vital assets for the state.
- Maryland intends to shape its horse racing destiny.
- The move prevents sole control of the races by an outside entity.
Maryland is moving to match an $85 million offer from Churchill Downs Incorporated (CDI) for the intellectual property of the Preakness Stakes and the Black-Eyed Susan Stakes. Governor Wes Moore announced that the state will exercise its right of first refusal to secure these valuable assets. This decision is intended to keep the branding rights within Maryland, allowing the state to shape the future of its prominent horse racing events. Governor Moore emphasized that securing these assets is vital for the state and allows Maryland to control its horse racing destiny. The move by Maryland aims to prevent the iconic races, particularly the Preakness Stakes, from being solely controlled by an external corporation. By matching the offer, Maryland seeks to retain significant economic and cultural assets associated with these historic thoroughbred races.