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● TRACKER Updated 5d ago · 45 sources tracked

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

Maryland has acquired the Preakness Stakes and Black-Eyed Susan Stakes intellectual property rights for $85 million. The acquisition was funded through revenue bonds, with no tax dollars used. This deal comes as Churchill Downs Incorporated announces a new six-race Thoroughbred Championship Series that excludes the Preakness. In response, Maryland is adjusting the Preakness schedule, moving the event to 13 days before the Belmont Stakes.

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What changed

Maryland officials have moved the Preakness Stakes to 13 days before the Belmont Stakes, altering the traditional Triple Crown schedule.

Live updates

  1. Maryland Acquires Preakness Brand for $85 Million Amid Triple Crown Shakeup

    Maryland has acquired the Preakness Stakes and Black-Eyed Susan Stakes intellectual property rights for $85 million. The acquisition was funded through revenue bonds, with no tax dollars used. This deal comes as Churchill Downs Incorporated announces a new six-race Thoroughbred Championship Series that excludes the Preakness. In response, Maryland is adjusting the Preakness schedule, moving the event to 13 days before the Belmont Stakes.

    Why it matters

    The acquisition and scheduling changes have significant implications for the future of the Triple Crown and horse racing in Maryland. The Preakness Stakes is a historic event and a crucial part of the Triple Crown, which comprises the Kentucky Derby, Preakness Stakes, and Belmont Stakes. The new Thoroughbred Championship Series, featuring the Kentucky Derby and Belmont Stakes, has raised questions about the future of the Triple Crown and the Preakness's place within it.

    What is confirmed

    • Maryland acquired the intellectual property rights to the Preakness Stakes and Black-Eyed Susan Stakes for $85 million.
    • The acquisition was funded through revenue bonds issued by the Maryland Economic Development Corp., with no tax dollars used.
    • The Preakness Stakes will be held 13 days before the Belmont Stakes.
    • Churchill Downs Incorporated announced a new six-race Thoroughbred Championship Series that includes the Kentucky Derby and Belmont Stakes, but not the Preakness.

    What to watch next

    • The impact of the scheduling changes on Preakness Stakes attendance and revenue
    • The response from Churchill Downs Incorporated regarding the exclusion of the Preakness from the new Thoroughbred Championship Series
    • The future of the Triple Crown and potential changes to the series
    Sources used for this update (7)
    1. www.cbsnews.com — Preakness excluded from new horse racing series. What does it mean for Maryland's future?
    2. www.winnipegfreepress.com — Big changes in horse racing create new questions about the future of the Triple Crown
    3. www.nytimes.com — Maryland moves back Preakness date, seeking to attract Kentucky Derby winners
    4. www.cbsnews.com — Preakness makes historic change to race day after horse racing championship series snub
    5. sports.yahoo.com — After Thoroughbred Championship Series formation, Maryland moves Preakness to 13 days before Belmont Stakes
    6. southernmarylandchronicle.com — Preakness, Pimlico left out of new race series by Churchill Downs, Belmont
    7. sports.yahoo.com — Churchill Downs' Preakness cut shows money rules horseracing | Letters
    confidence 100%

  2. Maryland Acquires Preakness Brand Amidst Churchill Downs' New Series

    Maryland has acquired the intellectual property rights to the Preakness Stakes and Black-Eyed Susan Stakes for $85 million. The acquisition was funded through revenue bonds issued by the Maryland Economic Development Corp., with no tax dollars used. This deal comes as Churchill Downs Incorporated announces a new six-race Thoroughbred Championship Series that includes the Kentucky Derby and Belmont Stakes, but not the Preakness.

    Why it matters

    The acquisition ensures the state of Maryland owns the branding rights to the two prominent horse races. The Preakness Stakes is a key part of the Triple Crown, a prestigious series in horse racing. The new championship series by Churchill Downs and the New York Racing Association has raised questions about the future of the Triple Crown.

    What is confirmed

    • Maryland acquired the intellectual property rights to the Preakness Stakes and Black-Eyed Susan Stakes for $85 million.
    • The acquisition was funded through revenue bonds issued by the Maryland Economic Development Corp., with no tax dollars used.
    • Churchill Downs Incorporated and the New York Racing Association announced a six-race Thoroughbred Championship Series.
    • The new championship series includes the Kentucky Derby and Belmont Stakes, but not the Preakness Stakes.
    • The new series has a $5 million prize pool.

    Still unconfirmed

    • The new series could have ramifications on the Triple Crown.

    What to watch next

    • The impact of the new series on the Triple Crown
    • The response from the Maryland racing community
    • The future of the Preakness Stakes in the Thoroughbred Championship Series
    Sources used for this update (5)
    1. eu.jsonline.com — New horse racing series leaves Preakness out, raises Triple Crown doubt
    2. www.nytimes.com — Churchill Downs’ new series prompts questions about future of Triple Crown
    3. www.drf.com — Churchill, NYRA to hold 3-year-old Championship Series that does not include Preakness
    4. apnews.com — Churchill Downs and New York Racing Association unveil 6-race championship series
    5. www.wmar2news.com — New championship series includes Derby and Belmont, but not Preakness
    confidence 90%

  3. Maryland finalizes $85M deal to own Preakness brand

    Maryland has completed its acquisition of intellectual property rights to the Preakness Stakes and Black-Eyed Susan Stakes for $85 million, exercising its right of first refusal to match an offer from Churchill Downs Incorporated. The deal was funded through revenue bonds issued by the Maryland Economic Development Corp., with no tax dollars used. The acquisition ensures the state owns the branding rights to the two prominent horse races.

    Why it matters

    The Preakness Stakes is a significant event in American horse racing, and Maryland's acquisition secures the state's control over the event's intellectual property. This move is expected to preserve the race's tradition and connection to the state. Governor Wes Moore confirmed the state's intention to match the bid in June.

    What is confirmed

    • Maryland acquired the intellectual property rights to the Preakness Stakes and Black-Eyed Susan Stakes for $85 million.
    • The acquisition was funded through revenue bonds issued by the Maryland Economic Development Corp.
    • No tax dollars were used for the purchase.

    What to watch next

    • Future management plans for the Preakness Stakes
    • Financial impact on the Maryland racing industry
    • Potential changes to the event's format or sponsorship
    Sources used for this update (5)
    1. www.cbsnews.com — Maryland finalizes $85 million deal to acquire rights to Preakness
    2. www.bondbuyer.com — Maryland buys the Preakness
    3. www.thoroughbreddailynews.com — State of Maryland Completes Acquisition of IP Rights to Preakness, Black Eyed Susan
    4. wtop.com — Maryland finalizes deal to buy rights to Preakness for $85 million
    5. consent.yahoo.com — Maryland Completes Purchase Of Preakness Intellectual Property Rights
    confidence 100%

  4. Maryland finalizes $85M deal for Preakness brand

    Maryland has completed its acquisition of the intellectual property rights to the Preakness Stakes and Black-Eyed Susan Stakes for $85 million. The deal was funded through revenue bonds issued by the Maryland Economic Development Corp., with no tax dollars used. The acquisition was made possible by Maryland exercising its right of first refusal to match an offer from Churchill Downs Incorporated.

    Why it matters

    The Preakness Stakes is a prestigious horse racing event held annually in Baltimore, Maryland. The acquisition ensures that the state retains control over the branding rights to the race, which is a significant cultural and economic event in the region. Governor Wes Moore confirmed the state's intention to match the bid to keep the branding rights.

    What is confirmed

    • Maryland has finalized its $85 million deal to acquire the rights to the Preakness Stakes.
    • The deal was funded through revenue bonds issued by the Maryland Economic Development Corp.
    • No tax dollars will be used for the purchase.
    • The acquisition includes the intellectual property rights to the Preakness and Black-Eyed Susan Stakes.

    What to watch next

    • The financial performance of the Preakness Stakes under state ownership.
    • Any potential changes to the event's format or sponsorship.
    Sources used for this update (5)
    1. www.cbsnews.com — Maryland finalizes $85 million deal to acquire rights to Preakness
    2. www.bondbuyer.com — Maryland buys the Preakness
    3. www.thoroughbreddailynews.com — State of Maryland Completes Acquisition of IP Rights to Preakness, Black Eyed Susan
    4. wtop.com — Maryland finalizes deal to buy rights to Preakness for $85 million
    5. consent.yahoo.com — Maryland Completes Purchase Of Preakness Intellectual Property Rights
    confidence 100%

  5. 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.
    Sources used for this update (10)
    1. Churchill Downs buys Preakness rights in $85 million deal
    2. Maryland preempts Churchill Downs for Preakness, buys the IP rights for ...
    3. The Kentucky Derby Just Tried to Buy the Preakness Stakes. Here's What ...
    4. The Preakness Stakes Ownership Battle - How Maryland Took on Churchill ...
    5. Maryland Exercises Its Right To Match An $85 Million Offer To Keep ...
    6. Laurel Park horse training facility purchase approved by MD board
    7. News and Press Releases - Churchill Downs Incorporated
    8. Laurel Park to go before Board of Public Works as some question horse ...
    9. Tinashe Chingarande - Baltimore Sun
    10. Board of Public Works OKs purchase of Laurel Park racetrack
    confidence 100%

  6. 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.
    Sources used for this update (5)
    1. Maryland secures Preakness brand for $85M, matching Churchill Downs offer
    2. State will spend $85 million to retain rights to Preakness, Black-Eyed ...
    3. Moore Bets $85 Million To Keep Preakness Name In Baltimore Hands
    4. Business leaders urged state to buy Preakness brand, back $85 million deal
    5. Exclusive: Maryland explores ownership of Preakness brand for $85M
    confidence 95%

  7. 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.
    Sources used for this update (3)
    1. Maryland moves to match Churchill Downs' $85M Preakness bid
    2. Maryland to acquire rights to Preakness Stakes, matching $85 million ...
    3. Governor Moore Announces Maryland to Exercise Right of First ...
    confidence 100%

  8. 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."
    Sources used for this update (20)
    1. Maryland will own Preakness brand after matching Churchill Downs’ $85 million offer
    2. Maryland secures Preakness brand for $85M, matching Churchill Downs offer
    3. Maryland Matches Churchill Offer, Will Own Preakness Brand
    4. Maryland matches $85 million offer to acquire rights to Preakness Stakes
    5. Maryland moves to match Churchill Downs' $85M Preakness bid
    6. Maryland to buy Preakness rights for $85M after matching Churchill Downs offer
    7. Maryland Jockey Club: Preakness Acquisition By State 'Safeguards The Event's Future'
    8. SUN: Maryland secures Preakness brand for $85M, matching Churchill Downs offer
    9. Maryland state moves to acquire Preakness Stakes IP rights, matching Churchill Downs' $85M offer.
    10. Churchill Downs Inc. no longer buying Preakness brand
    11. Key facts: Maryland to Buy Preakness IP; CHDN Q2 Results July 29
    12. Maryland Buys Out Churchill's Interest in the Preakness
    confidence 100%