The Kentucky Derby Just Tried to Buy the Preakness Stakes. Here’s What Happened Next.

The Preakness Stakes has been running at Pimlico since 1873. For most of that time, nobody questioned whether it would stay there.

Then a few things happened very quickly, and suddenly the “middle jewel” of the Triple Crown had a very uncertain future. Here is what went on and how it all ended up.

How did we get here?

Pimlico is the second-oldest horse racing venue in the United States, opening its doors in 1870. The Preakness has called it home for well over 150 years. But for a long stretch before 2024, the track was in rough shape. Grandstands were boarded up. Elevators did not work. Plumbing failed. The whole place looked like it had been left behind.

The Stronach Group owned Pimlico and also held the rights to the Preakness name and brand. That combination gave them a lot of control over what happened to the race. For years, fans and state officials quietly worried that the whole thing could be sold off or moved somewhere else entirely.

What did Maryland do about it?

In 2024, Maryland passed a law to buy Pimlico for one dollar and commit $400 million to rebuild it. That was the big news. But tucked into the same legislation was something that would turn out to matter just as much: a legal option allowing Maryland to match any outside offer if the Preakness name and brand rights ever came up for sale.

There was a catch, though. The state bought the track, but the Stronach Group kept those name and brand rights.

Maryland had to pay around $6 million a year just to use the Preakness name at its own rebuilt track. It was a strange arrangement, and it left the door open.

So what happened with Churchill Downs?

On April 21, 2026, Churchill Downs announced a deal to buy the Preakness name and brand rights for $85 million from 1/ST Racing, the Stronach Group’s racing arm.

Churchill Downs owns the Kentucky Derby. A successful deal would have given them a foothold in two of the three Triple Crown races.

Churchill’s CEO Bill Carstanjen moved quickly to reassure people. He said the race would stay in Baltimore and that Maryland would be able to license the name back on similar terms to what it already had. The tone was friendly. But the concern was real: what happens years from now if priorities change? Once the rights belong to a private company in another state, Maryland would have very little say.

How did Maryland respond?

Governor Wes Moore announced on June 18, 2026, that Maryland was exercising its matching right and paying $85 million to acquire the Preakness name and brand for the state.

The money comes from 30-year bonds paid back through Preakness revenues, including betting, ticket sales, and sponsorships. No general taxpayer funds are involved. The roughly $6 million a year that Maryland had been paying in licensing fees now goes toward those bond repayments instead. Based on those numbers, the debt should be cleared in around 14 years. After that, Maryland owns everything outright, with no ongoing costs.

Churchill Downs took the news well. Carstanjen said publicly: “We understand why the state of Maryland would decide to acquire the Preakness IP rights as a state-owned asset.” Gracious words in a competitive situation.

What does Maryland own now?

Everything. The track, the operations, and the name. There is no private company holding a piece of it and no licensing arrangement with an expiry date. The race cannot be moved and cannot be sold again without the state making that call.

The new Pimlico is due to open in 2027, with more than 100 race days planned, hotel facilities, and stabling for 700 horses. Maryland racing as a whole is tied to roughly 28,000 jobs and a $3 billion economic impact.

The three Triple Crown races now sit with three separate owners: the Kentucky Derby with Churchill Downs, the Belmont with NYRA, and the Preakness with the state of Maryland. Each race in its own home, each with its own story.

For Preakness fans, that is a pretty good place to land.