The state of Maryland is considering whether to exercise an option that would allow it to match an $85 million deal made by Churchill Downs Inc. to buy a package of intellectual property rights related to the Preakness Stakes, according to officials with knowledge of the process.
The option is contained in a state law passed in 2024 that allowed Maryland to take title to the home of the Preakness, Pimlico Race Course in Baltimore, from 1/ST Racing and Gaming, according to the officials. The option would need to be exercised by mid-June.