Maryland Secures Preakness Stakes Rights for $85 Million
Maryland has finalized a $85 million deal to purchase the rights to the Preakness Stakes and the Black-Eyed Susan Stakes. This acquisition prevents Churchill Downs Inc. from acquiring these rights and ensures the races remain in Maryland. The state plans…
Baltimore, MD, July 31, 2026 —
Maryland has officially finalized an $85 million agreement to acquire the rights to two prominent horse racing events: the Preakness Stakes and the Black-Eyed Susan Stakes.
This significant transaction was undertaken to prevent Churchill Downs Inc., the owner of the Kentucky Derby, from securing these rights. The state’s acquisition ensures that both the Preakness and the Black-Eyed Susan Stakes will continue to be held in Maryland.
Funding for the $85 million purchase will be generated through notes issued by the Maryland Economic Development Corp. The repayment of these notes is slated to be covered by the revenue generated from the races themselves, with no anticipated impact on state taxpayer dollars.
This move represents a broader strategic investment by the state of Maryland in its horse racing industry. The state has already taken ownership of the Pimlico Race Course, the venue for the Preakness Stakes, and is in the process of purchasing Laurel Park, another key facility in the state’s racing landscape.
The acquisition of the stakes rights is a critical component of Maryland’s long-term vision for the future of horse racing within its borders, aiming to maintain the heritage and economic benefits associated with these historic events.
Story summarized from the original created by Steve Crane on marylandmatters.org, see more information here.
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