{"id":3424,"date":"2026-06-18T22:05:44","date_gmt":"2026-06-18T22:05:44","guid":{"rendered":"https:\/\/raleighmovingnews.com\/?p=3424"},"modified":"2026-06-18T22:05:44","modified_gmt":"2026-06-18T22:05:44","slug":"maryland-exercises-its-right-to-match-an-85-million-offer-to-keep-preakness-branding-rights","status":"publish","type":"post","link":"https:\/\/raleighmovingnews.com\/?p=3424","title":{"rendered":"Maryland exercises its right to match an $85 million offer to keep Preakness branding rights"},"content":{"rendered":"<div>\n<p>Maryland Gov. Wes Moore said Thursday the state will exercise its right of first refusal to match Churchill Downs Incorporated\u2019s $85 million offer for the intellectual property of the Preakness Stakes and the Black-Eyed Susan Stakes.<\/p>\n<p>Read more <a href=\"https:\/\/raleighmovingnews.com\/?p=3422\">Carolina Hurricanes Stanley Cup parade in Raleigh: Everything you need to know<\/a><\/p>\n<p>Churchill Downs Inc., which runs the Kentucky Derby to open the Triple Crown, announced in April it was buying the branding rights to the second leg, as well as the race for fillies the precedes it by a day, from 1\/ST Racing with the intent of licensing it back to Maryland annually to stage the races.<\/p>\n<p>\u201cThe Preakness Stakes is more than just a race: It is a cornerstone of Maryland\u2019s history, culture, and economy,\u201d Moore said in a statement. \u201cThis decision secures a vital asset for our state, allows Maryland to shape its horse racing destiny, and by leveraging the Preakness\u2019s iconic status and partnering with industry experts to enhance the fan experience, preserve Maryland\u2019s position as a key power player in the Triple Crown for generations to come.\u201d<\/p>\n<p>Moore said no general fund tax dollars would be used, with the $85 million cost instead being funded by a tax-exempt revenue bond issuance, which would be paid back by money generated by the race through ticketing, wagering and sponsorships. The state expected the fee paid to Churchill Downs Inc. would escalate over time. <\/p>\n<p>Maryland Thoroughbred Horsemen\u2019s Association President Katharine M. Voss called the decision a defining moment for Maryland racing. <\/p>\n<p>Read more <a href=\"https:\/\/raleighmovingnews.com\/?p=3418\">Well done, young man: 17-year-old Russell\u2019s US Open debut impresses 54-year-old partner Harrington<\/a><\/p>\n<p>\u201cOwnership ensures that the decisions shaping the future of the Preakness are made in the interest of Maryland,\u201d Greater Baltimore Committee President and CEO Mark Anthony Thomas said. <\/p>\n<p>It is Maryland\u2019s latest investment in the industry, in the middle of a massive reconstruction project at Pimlico Race Course, the traditional home of the Preakness and the Black-Eyed Susan in Baltimore. The races moved down the road to Laurel Park this year on a one-time-only basis while Pimlico work is being done.<\/p>\n<p>\u201cWe plan to be back there next year,\u201d Maryland Jockey Club president and general manager Bill Knauf told The Associated Press in an interview last month. The expectation is for the full grandstand to be ready by May 2028.<\/p>\n<p>The Maryland Jockey Club is the nonprofit organization set to take over for 1\/ST Racing, which is transferring control to the state. The plan is for year-round racing to take place at Pimlico.<\/p>\n<p>Read more <a href=\"https:\/\/raleighmovingnews.com\/?p=3416\">Brazilian soccer fans at the World Cup heed warning not to dress Rocky statue in team gear<\/a><\/p>\n<p>___<\/p>\n<p>AP sports: https:\/\/apnews.com\/hub\/sports<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Maryland Gov. Wes Moore said Thursday the state will exercise its right of first refusal&#8230;<\/p>\n","protected":false},"author":1,"featured_media":3423,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-3424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Maryland exercises its right to match an $85 million offer to keep Preakness branding rights - Raleigh Moving News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/raleighmovingnews.com\/?p=3424\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maryland exercises its right to match an $85 million offer to keep Preakness branding rights - Raleigh Moving News\" \/>\n<meta property=\"og:description\" content=\"Maryland Gov. 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