Moore: Churchill’s “real vision” could help Preakness
Governor’s comments come as state considers buying Preakness IP
Frank Vespe
May 18, 2026
If Maryland Governor Wes Moore is inclined to have the state purchase the Preakness intellectual property rights, he’s playing his cards close to the vest.
Those rights – to the names of the Preakness and Black-Eyed Susan Stakes, their trademarks, and the rights to use them – suddenly came on the market April 21, when Churchill Downs, Inc. announced it had entered into an agreement to purchase them from 1/ST Maryland LLC, an affiliate of 1/ST Racing, for $85 million.
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Under its existing agreement with 1/ST, the state has the right to purchase the property if it matches the bid tendered by Churchill.
The Baltimore Sun reported May 13 that the state is “seriously exploring” matching the bid and taking ownership of the property itself, though none of the details – including how to pay for it – had been ironed out.
But in an interview Saturday at Laurel Park during the Preakness card, Moore, a Democrat, was at best noncommittal about the proposed deal.
Appearing on WBAL-TV, Baltimore’s NBC affiliate, Moore was asked by co-host Pete Gilbert where he stands on making such an investment.
“We always reserve the rights, but… what I know is I’m excited about where things are right now,” Moore said. “I know Churchill has a real vision about how we can not just leverage what was happening, the success with the Kentucky Derby, but also making sure that this, that Baltimore and Pimlico and the Preakness, really takes on a larger role in helping people to see the importance of not just the industry, but the Triple Crown.”
The state is in the midst of carrying out the so-called Pimlico Plus plan, developed by the Maryland Thoroughbred Racetrack Operating Authority (MTROA), which the General Assembly abruptly shuttered two years prior to its anticipated sunset.
That plan, supported by $400 million in bonding authority granted to the Maryland Stadium Authority, will result in a rebuild of Pimlico Race Course, the traditional home of the Preakness, which, when complete, will serve as the state’s primary track.
To support the new Pimlico, which is too small a property to house the horses necessary to run the year-round racing that horsemen and breeders need, the state also is looking to create a training center. But the MTROA’s first choice – Shamrock Farm in Woodbine – turned out to be an expensive misstep, and the Stadium Authority now hopes to buy Laurel Park from 1/ST and turn it into the training center.
The state’s agreement with 1/ST regarding the intellectual property, is in essence perpetually renewable at the state’s option, sources have told The Racing Biz, perhaps allaying fears about the race leaving the state – which would be disastrous for the industry’s economic health.
That agreement, which kicks in next year, calls for the state to pay the property holder a $3 million base fee, which rises 2.5% annually, along with 2% of handle during Friday and Saturday. The track handled about $131 million this past weekend, so had the agreement been operational, it would have called for a total payment of about $5.6 million.
This year’s Kentucky Derby card, held before an estimated 150,000 fans, drew all-sources handle of $340 million, according to Churchill Downs. The Preakness, held before an attendance-capped crowd of 4,800 at Laurel Park, had all-sources handle of about $108.7 million, slightly below last year’s nearly $112 million.
“We’ve got to make sure that we can increase the amount of economic activity that we’re going to see,” Moore said. “This industry is an incredibly important, $3 billion industry to the state of Maryland, so we want to make sure that it’s an important part of our future, as well.”
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