The State of Maryland Just Bought This Iconic Brand for $85 million

In a dramatic bid to keep the Preakness in-state, Maryland cut off a potential acquisition by Churchill Downs.

BY SARAH BREGEL, FREELANCE WRITER

The State of Maryland just bought the rights to the Preakness Stakes and the Black-Eyed Susan, matching an $85 million offer from Churchill Downs (Nasdaq: CHDN), the publicly-traded company that owns the Kentucky Derby’s track. Churchill Downs, whose stock has fallen about 24 percent since the beginning of the year, had made an agreement to buy the intellectual property from 1/ST Racing until the state stepped in.

Maryland Governor Wes Moore recently announced the decision in a press release. “The Preakness Stakes is more than just a race; it is a cornerstone of Maryland’s history, culture, and economy. Our administration has made historic investments to revitalize Pimlico Race Course and secure the long-term sustainability of the Maryland horseracing industry,”........

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