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The state of Maryland has exercised the right of first refusal to match Churchill Downs' $85 million offer for the Preakness Stakes intellectual property, according to a news release from the office of Maryland Gov. Wes Moore.
The story was first reported by the Baltimore Banner.
"The Preakness Stakes is more than just a race; it is a cornerstone of Maryland’s history, culture, and economy," Moore said in a statement. “Our administration has made historic investments to revitalize Pimlico Race Course and secure the long-term sustainability of the Maryland horseracing industry. This decision secures a vital asset for our state, allows Maryland to shape its horseracing destiny, and by leveraging the Preakness’s iconic status and partnering with industry experts to enhance the fan experience, preserve Maryland’s position as a key power player in the Triple Crown for generations to come.”
Churchill Downs Incorporated announced April 21 that the Louisville-based company entered into a definitive agreement to acquire the Preakness Stakes for $85 million.
The Preakness Stakes, first run in 1873, is the second leg of the Triple Crown of Thoroughbred Racing traditionally ran at Pimlico Race Course in Baltimore.
This is a developing story and will be updated.
This article originally appeared on Louisville Courier Journal: Maryland counters Churchill Downs' $85M offer to buy Preakness Stakes
Continue reading...
The state of Maryland has exercised the right of first refusal to match Churchill Downs' $85 million offer for the Preakness Stakes intellectual property, according to a news release from the office of Maryland Gov. Wes Moore.
The story was first reported by the Baltimore Banner.
"The Preakness Stakes is more than just a race; it is a cornerstone of Maryland’s history, culture, and economy," Moore said in a statement. “Our administration has made historic investments to revitalize Pimlico Race Course and secure the long-term sustainability of the Maryland horseracing industry. This decision secures a vital asset for our state, allows Maryland to shape its horseracing destiny, and by leveraging the Preakness’s iconic status and partnering with industry experts to enhance the fan experience, preserve Maryland’s position as a key power player in the Triple Crown for generations to come.”
Churchill Downs Incorporated announced April 21 that the Louisville-based company entered into a definitive agreement to acquire the Preakness Stakes for $85 million.
The Preakness Stakes, first run in 1873, is the second leg of the Triple Crown of Thoroughbred Racing traditionally ran at Pimlico Race Course in Baltimore.
This is a developing story and will be updated.
This article originally appeared on Louisville Courier Journal: Maryland counters Churchill Downs' $85M offer to buy Preakness Stakes
Continue reading...
