What's Happening?
The State of Maryland has finalized the acquisition of the Intellectual Property (IP) rights to the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Racing. This move follows the state's decision to exercise its right of first refusal to match an $85
million offer from Churchill Downs, Inc. The acquisition was financed through the Maryland Economic Development Corporation, without using general fund tax dollars. Governor Wes Moore emphasized the importance of this acquisition in preserving Maryland's role in the Triple Crown and revitalizing local communities through economic opportunities associated with the races.
Why It's Important?
This acquisition is significant as it ensures that the Preakness Stakes, a key event in the Triple Crown, remains in Maryland, thereby supporting the state's multi-billion-dollar equine industry. By owning the IP rights, Maryland can avoid escalating costs associated with previous licensing agreements and focus on a model that benefits the industry and local communities. This move is expected to bolster Maryland's economy and maintain its historical and cultural ties to horse racing.
