State finalizes deal to buy rights to Preakness for $85 million

Maryland got deeper into the horse-racing business Thursday, announcing it has finalized its purchase of the rights to the Preakness Stakes and the Black-Eyed Susan Stakes for $85 million.

By: Steve Crane

Outlets: Maryland Matters

Published: July 31, 2026

Words: 634

Last Updated: 2 days, 18 hours ago

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Maryland got deeper into the horse racing business Thursday, announcing it has finalized its purchase of the rights to the Preakness Stakes and the Black-Eyed Susan Stakes for $85 million.

The purchase keeps those properties out of the hands of Churchill Downs Inc., the owners of the Kentucky Derby, who announced plans this spring to buy rights to those races from 1/ST Maryland LLC for that amount. But 1/ST’s previous deal with Maryland gave the …

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