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Maryland will own Preakness brand after matching Churchill Downs’ $85 million offer

Maryland exercised a right of first refusal on June 19 to match an $85 million offer from Churchill Downs Incorporated. This move ensures the state owns the intellectual property for the Preakness and Black-Eyed Susan Stakes. Governor Wes Moore confirmed the state will match the bid to keep the branding rights.

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The update specifies that Maryland exercised its right of first refusal on June 19.

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  1. Maryland Secures Preakness and Black-Eyed Susan IP Rights

    Maryland exercised a right of first refusal on June 19 to match an $85 million offer from Churchill Downs Incorporated. This move ensures the state owns the intellectual property for the Preakness and Black-Eyed Susan Stakes. Governor Wes Moore confirmed the state will match the bid to keep the branding rights.

    What's confirmed:

    • Maryland exercised a right of first refusal on June 19 to match an $85 million bid from Churchill Downs Incorporated.
    • The state will acquire the intellectual property rights for the Preakness and Black-Eyed Susan Stakes.
    • Governor Wes Moore announced the state would match the $85 million offer.
    • The Preakness Stakes has been held at Pimlico since 1873.
    confidence 100%

  2. Maryland Matches $85 Million Offer to Secure Preakness Brand

    Maryland will take control of the intellectual property for the Preakness Stakes and the Black-Eyed Susan Stakes. The state matched an $85 million bid from Churchill Downs to keep the assets. Funding for the acquisition will come from tax-exempt revenue bonds.

    What's confirmed:

    • Maryland matched an $85 million offer from Churchill Downs to secure the Preakness Stakes intellectual property.
    • The state will also retain the rights to the Black-Eyed Susan Stakes.
    • Governor Wes Moore's administration announced the move on Thursday.

    Still unconfirmed:

    • Maryland business leaders urged the governor to buy the trademarks months before the deal.
    • The state will use tax-exempt revenue bonds to pay for the acquisition.
    confidence 95%

  3. Maryland to Acquire Preakness and Black-Eyed Susan Stakes Rights

    Maryland will take ownership of the Preakness Stakes and Black-Eyed Susan Stakes. The state is matching an $85 million offer made by Churchill Downs Inc. Governor Wes Moore's office announced the move to secure these racing assets.

    What's confirmed:

    • Maryland is matching an $85 million bid to acquire the rights to the Preakness Stakes and Black-Eyed Susan Stakes.
    • The state will secure ownership of these racing assets.
    confidence 100%

  4. Maryland Secures Preakness Brand After Matching $85 Million Offer

    The state of Maryland will own the intellectual property rights to the Preakness Stakes and Black-Eyed Susan horse races. Governor Wes Moore's administration matched an $85 million bid from Churchill Downs Inc. to retain control of the event.

    What's confirmed:

    • Maryland matched a $85 million offer from Churchill Downs Inc. to acquire the Preakness brand.
    • The acquisition includes intellectual property rights to the Preakness Stakes and Black-Eyed Susan horse racing events.
    • Governor Wes Moore stated the $85 million decision will secure a "vital asset for our state."
    • Maryland used a right of first refusal to match the bid.
    • The Maryland Jockey Club stated the acquisition "safeguards the event's future."
    confidence 100%