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Maryland Exercises Its Right to Match an $85 Million Offer to Keep Preakness Branding Rights
The state will finance the purchase with a tax-exempt revenue bond, and officials say race-generated money will repay the $85 million cost.
- On Thursday, Maryland Gov. Wes Moore announced the state is matching an $85 million offer to acquire the intellectual property of the Preakness Stakes and Black-Eyed Susan Stakes, exercising its right of first refusal.
- Churchill Downs Incorporated previously announced an agreement to purchase branding rights, prompting Maryland officials to match the bid and avoid escalating fees under the existing exclusive licensing agreement.
- The State will fund the $85 million acquisition through tax-exempt revenue bond issuance, with no general fund tax dollars used, while operating under a nonprofit model adopted by the Maryland Jockey Club.
- Greater Baltimore Committee President Mark Anthony Thomas called the acquisition a move securing Maryland's signature assets, while Maryland Thoroughbred Horsemen's Association President Katharine M. Voss called it a defining moment for racing.
- Currently, Maryland owns Pimlico Race Course undergoing major renovation, while The State remains open to identifying mutual interests with Churchill Downs and other industry partners to benefit the broader Triple Crown.
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Maryland exercises its right to match an $85 million offer to keep Pre
Maryland Gov. Wes Moore said Thursday the state will exercise its right of first refusal to match Churchill Downs Incorporated’s $85 million offer for the intellectual property of the Preakness Stakes and the Black-Eyed Susan Stakes. 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/…
·Baltimore, United States
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Associated Press News+12 Reposted by 12 other sources
Maryland exercises its right to match an $85 million offer to keep Preakness branding rights
Maryland Gov. Wes Moore said the state will exercise its right of first refusal to match Churchill Downs Incorporated's $85 million offer for intellectual property of the Preakness Stakes and Black-Eyed Susan Stakes.
·New York, United States
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Coverage Details
Total News Sources19
Leaning Left3Leaning Right3Center10Last UpdatedBias Distribution62% Center
Bias Distribution
- 62% of the sources are Center
62% Center
L 19%
C 62%
R 19%
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