BALTIMORE, MD—The state of Maryland has purchased the Pimlico Race Course ahead of the 2024 Preakness Stakes.  The agreement between the state and the current owner of the race track, The Stronach Group, will see the transfer of ownership of Pimlico to the Maryland Thoroughbred Racetrack Operating Authority.

Terms under the master agreement include the transfer of ownership of Pimlico from the Stronach Group to the Maryland Thoroughbred Racetrack Operating Authority for one dollar as of July 1. The state will lease Laurel Park racetrack for three years as of January 1, 2025 at a cost of one dollar per year, where races will be held while construction is underway at Pimlico— though the 150th Preakness is expected to be held at Pimlico next year.

The agreement also includes a $10 million investment from the state to improve housing and training facilities in the Park Heights area, and will establish a non-profit to operate racing in Maryland.

Maryland Governor, Wes Moore, said: “When it comes to projects with generational impact, our administration has made it clear that we aren’t just focused on closing a deal — we’re focused on driving economic development in all of our communities.

“Just days before the 149th running of the Preakness Stakes, we have reached an agreement that will keep horse racing at Pimlico for generations and will deliver economic prosperity for the City of Baltimore.”

The Stronach Group Chief Executive Officer, President and Chair Belinda Stronach, said: “This agreement is a win for our industry and importantly a win for the community, notably Park Heights.”

The first Preakness Stakes were held at Pimlico in 1873. This Saturday will mark the 149th running of the Preakness Stakes at Pimlico.

This article was written with the assistance of AI and reviewed by a human editor.

Photo via the Maryland Governor’s Office