LAUREL, Md. — Maryland’s interest in purchasing the rights to the Preakness Stakes’ brand for $85 million was a highlight of conversation Saturday at Laurel Park ahead of the 151st running of the historic race.

And while Gov. Wes Moore won’t say whether the state will purchase the race’s intellectual property rights, or where that money would come from if it decides to do so; a bipartisan group of Maryland legislators is already opposed.

“We want to make sure that we are investing in supporting this industry,” Moore told a group of reporters in an open field adjacent to the race track at Laurel Park. “We want to make sure that the Preakness will never leave the state of Maryland.”

Churchill Downs in April acquired the intellectual property rights to the Preakness Stakes and Black-Eyed Susan Stakes for $85 million, taking control of the trademarks and branding tied to Maryland’s signature horse racing events, while the state continues paying to use the Preakness name. Maryland law allows the state to match the deal Churchill Downs struck. But acquisition of Preakness’ intellectual property doesn’t mean the storied race will move out of Maryland — state law requires the race to remain in the state except for limited temporary relocations.

Moore’s interest in potentially investing this $85 million comes as the state has poured in almost half a billion dollars of taxpayer money to rebuild Pimlico Race Course in Baltimore, thanks to a loan from the Maryland Stadium Authority, which will be repaid largely with state lottery revenue and casino funds. Costs for the rebuild have mounted in recent years — Pimlico’s rebuild was budgeted at $375 million in 2020 and the state’s annual borrowing costs have risen nearly 60%.

The Baltimore Sun asked the governor whether his interest in putting money toward the Preakness brand came from potential concerns with Churchill Downs taking its business elsewhere. Moore said “there is no daylight between where we are and where Churchill Downs is” on the Preakness staying in the state.

“I’ve been very encouraged by the conversations that we’ve had with Churchill, and we’re excited about the future of the industry in Maryland,” Moore said. “There is a real alignment on what my expectations are and also what their expectations are.”

But Democratic Sen. Jim Rosapepe, who represents parts of Prince George’s County and Anne Arundel County and was present at Laurel Park on Saturday, told The Sun that spending money to acquire the Preakness brand is “ridiculous.” Rosapepe noted that the $4.5 million used to buy Shamrock Farm in Carroll County and turn it into a horse training center — a move that collapsed because of environmental restrictions and runaway costs — left a bad taste in lawmakers’ mouths. Rosapepe and his colleagues, he added, want to proceed with caution.

“We put a lot of money into the industry. The folks who’ve been in charge of this stuff over the past couple of years obviously have made some mistakes,” Rosapepe said. “The whole thing about buying that farm is not going to work, and then say it’s a screwed-up mess.”

Senate Minority Leader Steve Hershey, a Republican from western Maryland who was also at Laurel Park on Saturday, believes the state should “leave these types of marketing and promotion type events to the experts that know how to do that.”

“To some extent, you have to be cognizant that Maryland lost the Commanders. There were conversations a few years ago about possibly losing the Orioles. There was a conversation about losing the Preakness when the General Assembly decided to make the $400 million investment in Pimlico,” Hershey said. “So, I can understand that sentiment, and should we be cautious of that. But at the same time, I think you have to understand when a business comes in and wants to acquire, I’ll take Churchill Downs Incorporated at their word and say that they want to keep the Preakness in Maryland.”

Ahead of Saturday’s race, the Maryland Freedom Caucus called for public scrutiny of plans to acquire the Preakness brand.

The caucus, in a statement released on Friday, requested: public hearings before legislative committees, a Board of Public Works review of the deal, disclosure of the long-term fiscal implications and an analysis of licensing the brand versus outright buying it.

“Horse racing is undeniably part of Maryland’s history and culture, and the Preakness remains an iconic event,” the caucus said in the statement. “But history and tradition alone do not justify writing blank checks or committing taxpayers to ever-expanding financial obligations without full transparency and accountability.”

A spokesperson for Moore last week told The Sun that the state was in the preliminary stages of discussion to acquire the Preakness Stakes’ brand for $85 million. Maryland currently leases the Triple Crown race’s intellectual property rights, including all branding and trademarks.

In 2024, Maryland took control of thoroughbred racing from The Stronach Group, the parent company of 1/ST. In a deal approved by the Board of Public Works, Pimlico was sold by 1/ST to a state-created authority.

But Maryland didn’t acquire the rights to the Preakness name and brand in the deal. Instead, a state authority leased those rights from 1/ST — along with the rights to the Black-Eyed Susan Stakes brand — for a fee starting at $3 million annually and escalating by 2.5% each year thereafter. Under the deal, 1/ST was also to receive 2% of the races’ betting handles.

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